Kennedy Wilson said it has launched a cash tender offer for all of its $600 million of 5.000% senior notes due 2031, offering $1,010 per $1,000 principal amount, or 101.0% of face value, plus accrued and unpaid interest.
The offer comes as part of the company’s planned merger with a consortium led by Chairman and CEO William McMorrow and including Fairfax Financial Holdings. Kennedy Wilson said the merger is expected to trigger a fundamental change under the note indenture, giving holders the right to put the notes back at 101% of principal plus interest.
The tender offer is set to expire around June 15, 2026, with payment expected June 16, 2026, if the merger closes and the other conditions are met.
At the same time, Kennedy Wilson issued notices to redeem in full its 4.750% senior notes due 2029 and 4.750% senior notes due 2030 on June 16, 2026. Those redemptions depend on the merger closing and the company issuing at least $1.8 billion of senior debt.
That debt financing was priced on May 14, 2026, in two tranches: $1.1 billion of 7.000% senior notes due 2031 and $700 million of 7.250% senior notes due 2033. The company said that offering is expected to close around May 29, 2026.
Kennedy Wilson said the 2031 notes tender offer is uncapped, with no proration. If the merger is terminated, the tender offer will be canceled and no notes will be purchased.
The company said it has $36 billion of assets under management and has closed more than $60 billion in total transactions since going public in 2009. As a result of these announcements, the company's shares have moved 0.18% on the market, and are now trading at a price of $11.03. For the full picture, make sure to review Kennedy-Wilson's 8-K report.
