Carey Olsen has advised Jersey-based LSE-listed property company Kennedy Wilson Europe Real Estate Plc (LSE: KWE) on the successful close of its £300 million debut senior unsecured bond.
The unsecured bond has an annual fixed coupon to the Company of 3.95%, which was effectively reduced to 3.35% as a result of KWE entering into swap arrangements to convert 50% of the proceeds into Euros. Interest on the unsecured bond is payable annually in arrears on 30 June of each year, commencing on 30 June 2016. The Unsecured Bonds will mature on 30 June 2022.
Both KWE and the unsecured bond are rated BBB (outlook stable) by Standard & Poor’s.
The Carey Olsen team that advised on the Jersey aspects of the transaction comprised of KWE’s relationship partner James Mulholland and debt capital markets partner Simon Marks assisted by senior associate Claire Le Quesne. Allen & Overy was lead counsel to KWE.
Mr Mulholland said: "This successful close represents a significant achievement for a relatively young property company to obtain investment grade status and then launch a bond in what are challenging market conditions. Yet again we are proud to have supported KWE, the wider Kennedy Wilson group and its advisors."