Kennedy Wilson Europe gets extension to revolving credit facility

By Marisa Wong

Morgantown, W.Va., July 11 – Kennedy Wilson Europe Real Estate plc announced it secured an extension to the term of its existing £225 million unsecured revolving credit facility.

The multicurrency revolver, which was set to expire on Aug. 29, 2017, has been extended to the earlier of Feb. 28, 2018 and the effective date of the merger transaction with Kennedy-Wilson Holdings, Inc.

If the merger does not close by Feb. 28, 2018, Kennedy Wilson Europe will be able to further extend the maturity of the facility by up to six months.

All other terms of the facility remain unchanged, and the revolver remains undrawn, according to a Tuesday press release.

The facility was arranged by Bank of America Merrill Lynch entities with the original syndicate of banks including Bank of America Merrill Lynch International Ltd., Deutsche Bank AG, London Branch and JPMorgan Chase Bank, NA.

Kennedy-Wilson Holdings is a Beverly Hills, Calif.-based real estate investment firm that currently owns 23.8% of the total issued share capital of Kennedy Wilson Europe.

Kennedy Wilson Europe invests in real estate in the United Kingdom, Ireland, Spain and Italy.

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