Monday, 1 September 2014
Kennedy Wilson Europe completes a €285 mln unsecured corporate finance facility (UK)
Kennedy Wilson Europe Real Estate Plc, a London Stock Exchange listed company that invests in real estate and real estate loans in Europe, announces that, together with certain of its wholly owned subsidiaries, has entered into a three year unsecured floating rate revolving debt facility of up to £225 mln (approx. €285 mln) with a syndicate of banks comprising Bank of America Merrill Lynch as mandated lead arranger, as well as Deutsche Bank and J.P. Morgan.
The Company intends to use the funds available under the Debt Facility for its general corporate purposes, including, amongst other things, acquisitions of certain property and loan assets, meeting working capital requirements, and the payment of capital expenses. The Debt Facility has a maturity date of 29 August 2017, with drawdown being available up until that date. The Company has not yet drawn down any funds under the Debt Facility.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented: “We have a strong investment pipeline and this new unsecured corporate finance facility, which is the Company’s first, marks a significant step forward and provides us with additional firepower to capitalise on new investment opportunities and finance further acquisitions quickly, giving us a competitive edge in an active real estate market. In addition, it further optimises the Company’s capital structure and funding model and assists us in achieving our ultimate goal of delivering attractive returns for our shareholders.”