Kennedy Wilson expands credit facility to $550 million in Beverly Hills
- Kennedy Wilson has expanded its unsecured revolving credit facility from $500 million to $550 million in partnership with 10 banks.
- The new facility includes a three-year term and two six-month extension options, with loans bearing interest at SOFR plus a spread of 1.75% to 2.75%.
- This expansion reflects the confidence in Kennedy Wilson's business strategy and positions the company to act quickly on emerging opportunities.
On September 13, 2024, Kennedy Wilson, a global real estate investment company, announced the expansion of its unsecured revolving credit facility from $500 million to $550 million. This expansion was made possible through a partnership with a group of 10 banks, highlighting the company's strong relationships within the financial sector. The new facility features a three-year term with two six-month extension options, allowing for greater flexibility in funding. The loans under this facility will incur interest based on the Secured Overnight Financing Rate (SOFR) plus a spread ranging from 1.75% to 2.75%. This financial maneuver is designed to provide Kennedy Wilson with an efficient source of funding, enabling the company to seize emerging opportunities in the real estate market. The current outstanding borrowings under the facility are approximately $175 million. Kennedy Wilson's Chairman and CEO, William McMorrow, expressed gratitude for the support from their banking partners, emphasizing the importance of this credit facility in facilitating the company's growth. Matt Windisch, the President of Kennedy Wilson, noted that the extended maturity date to September 2028 reflects the confidence in their business strategy moving forward. The involvement of major banks, including Bank of America, N.A. as the administrative agent, and BofA Securities, Inc., JPMorgan Chase Bank, N.A., and M&T Bank as joint lead arrangers, underscores the trust and support the company has garnered in the financial community. This expansion positions Kennedy Wilson to capitalize on future opportunities in the real estate sector.