trending Market Intelligence /marketintelligence/en/news-insights/trending/erz_oqyco7LwefR1T50rwg2 content esgSubNav
In This List

Kennedy-Wilson Holdings signs escrow deal for $700M credit facility


S&P Capital IQ Pro | Powering Your Edge


S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights


Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud

Kennedy-Wilson Holdings signs escrow deal for $700M credit facility

Kennedy-Wilson Holdings Inc. signed an escrow deal with a syndicate of lenders for a $700 million unsecured revolving credit and term loan facility.

The facility, once effective, will amend and restate the existing revolving credit facility which currently has a $350 million outstanding balance.

The deal provides for a $500 million revolving line of credit, with interest set at a rate equal to the London Interbank Offered Rate plus between 1.75% and 2.75%. A $200 million term loan facility is also provided, the interest of which will be equal to LIBOR plus between 1.65% and 2.65%. The company has the option to extend the facility's maturity, set for March 31, 2021, by one year, subject to conditions.

The release of the facility from escrow is conditional upon, among other things, the completion of the company's planned merger with Kennedy Wilson Europe Real Estate, according to a filing.

Kennedy-Wilson will terminate its existing multicurrency revolving credit facility agreement dated Aug. 29, 2014, once the amended credit facility comes into effect.

Bank of America NA is the administrative agent of the escrow deal, while Merrill Lynch Pierce Fenner & Smith Inc. and JPMorgan Chase Bank NA are the joint lead arrangers and joint book runners.