25th Jun 2015 05:23
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC said Wednesday it has launched and priced a seven-year GBP300 million debut senior unsecured bond.
The company said this gives it access to the unsecured debt capital markets and diversifies its funding sources. The bond has an annual fixed coupon to the company of 3.95%, expected to reduce to around 3.45% when the company enters into swap arrangements to convert a portion of the proceeds into euros, or around closing.
"It extends the maturity of our debt while moving to a more flexible corporate debt structure and maintains an attractive cost of debt, which is accretive to our acquisitions," said Chief Executive Officer and President Mary Ricks in a statement.
Shares in Kennedy Wilson Europe closed down 1.1% at 1,124.00 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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