Kennedy Wilson - Private Placement

[JEast]

At our pre-Fairfax dinner this year, we all had the opportunity to talk with William McMorrow, CEO of Kennedy Wilson.  As such, they have been on a somewhat spending spree this year and Fairfax just increased their position in a private placement.

 

http://www.kennedywilson.com/444-kennedy-wilson-enters-into-agreement-for-private-placement-of-common-stock

 

 

Cheers

JEast

[Uccmal]

James, Could you refresh my memory.  FFH has not been an owner of KW until this point.  But they have a major joint venture with KW.  A.

[rogermunibond]

KW has been exceptionally busy of late.  Additional equity will probably be put to work without delay.

 

$56.4M multifamily financing

http://www.rttnews.com/Content/QuickFacts.aspx?Id=1653465

 

BoI Real Estate Investment Mgmt biz

http://www.rttnews.com/Content/QuickFacts.aspx?Id=1636467

 

$145M multifamily asset acquired

http://www.rttnews.com/Content/QuickFacts.aspx?Id=1636093

[oldye]

For what its worth, I showed up 8 minutes late to the annual meeting, and it was already over.  They did have a very nice spread (I might go next year just for the chocolate croissant.)

[JEast]

They have both a JV and a previous $100m announced convertible preferred private placement.  KW's website says the total preferred amount was $132M.  The JV consists of $276M.

 

http://www.kennedywilson.com/307-kennedy-wilson-attracts-up-to-100m-equity-investment-from-fairfax-financial

 

 

Cheers

JEast

 

 

 

[Grenville]

James, Could you refresh my memory.  FFH has not been an owner of KW until this point.  But they have a major joint venture with KW.  A.

 

This is the first time they have bought common shares (400,000 at 10.7 ORH).

 

Pref A 6% 100 mln ~ 8 mln shares @ 12.41

Pref B 6.5% 32. 5mln ~3 mln shares @ 10.7

totals about ~20% before the new equity raise