Kennedy-Wilson said it launched a cash tender offer for all of its outstanding 5.000% senior notes due 2031, with $600 million principal amount outstanding. The company is offering $1,010 per $1,000 of principal, or 101.000% of face value, plus accrued and unpaid interest.
The offer is tied to the planned merger involving Kennedy Wilson and a consortium led by chairman and CEO William McMorrow and including Fairfax Financial Holdings. The tender offer is set to expire around June 15, 2026, with payment expected on June 16, 2026 if the merger closes and other conditions are met.
At the same time, Kennedy-Wilson issued redemption notices for its 4.750% senior notes due 2029 and 4.750% senior notes due 2030. Those notes are slated to be redeemed in full on June 16, 2026, subject to the merger closing and the company issuing at least $1.8 billion of senior debt.
The company already priced $1.8 billion of new senior notes on May 14, 2026: $1.1 billion of 7.000% notes due 2031 and $700 million of 7.250% notes due 2033. That financing is expected to close around May 29, 2026.
Kennedy-Wilson said the 2031 notes offer has no cap and no proration. Notes not tendered will remain outstanding unless the merger fails to close, in which case the tender offer will be terminated and no notes will be purchased. The market has reacted to these announcements by moving the company's shares 0.18% to a price of $11.03. If you want to know more, read the company's complete 8-K report here.
