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Bank of America Agents $500MM Credit Facility for Kennedy Wilson

March 26, 2020, 09:25 AM
Filed Under: Real Estate
Related: Bank of America

Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that its wholly owned subsidiary Kennedy-Wilson, Inc. has extended its existing $500 million unsecured corporate revolving credit facility with a global group of nine banks. The credit facility has a maturity date of March 25, 2024, which may be extended two times, in six-month increments. The facility currently has no outstanding balance.

Loans under the extended credit facility bear interest at a rate equal to LIBOR plus a spread of 1.75% to 2.50%, compared to a spread of 1.75% to 2.75% previously. The aggregate amount of the line of credit may be increased, not to exceed $1 billion.

Bank of America, N.A. will serve as administrative agent for the revolving credit facility. BofA Securities, Inc. acted as joint lead arranger and joint bookrunner, JPMorgan Chase Bank, N.A. as joint lead arranger and joint bookrunner, and U.S. Bank National Association served as joint lead arranger.

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