Kennedy Wilson raises €300m
Published 07/11/2015 | 02:30
Kennedy Wilson Europe, one of the biggest buyers of Irish property since the crash, has raised €300m on the debt markets. The move beefs up its war chest to buy more assets here and elsewhere.
In a statement, the firm said it issued the unsecured notes with a minimum denomination of €100,000 and with a maturity of ten years due 2025. The annual fixed coupon will be 3.25pc.
Company chief executive Mary Ricks commented: "This successful second debt issuance allows KWE to further diversify its funding sources and access the Euro debt capital markets which aligns with our committed acquisitions and investment pipeline.
"The ten-year term further staggers our debt maturities, increasing the overall weighted average term to maturity to 5.8 years and debt cost to 2.9pc.
"We continue to move to a more flexible corporate debt structure whilst maintaining a spread between our running yields and cost of debt."