Kennedy-Wilson Gets $250M Capital Commitment from Fairfax Financial
Posted June 04, 2010 2:46PM PST

Real estate services company Kennedy-Wilson Holdings said that it has received a capital commitment of up to $250 million from Fairfax Financial Holdings to make commercial real estate acquisitions and purchase loans and real property.

The partnership follows Kennedy's announcement in May that it raised $100 million from Toronto-based insurance and investment company Fairfax in a private placement of convertible preferred stock.

Fairfax's investment will yield a 6% annual coupon and convert to common stock at $12.61 per share by May 2015.

Beverley Hills, Calif.-based Kennedy-Wilson went public last November in an all-stock deal, valued at the time at $255.3 million, with the SPAC Prospect Acquisition Corp. The SPAC had about $9.94 per share in trust.

Following the close, the company moved up to the main board on the New York Stock Exchange, with shares hitting a low of $8.90 in early December before steadily gaining ground to close yesterday at $11.01. Warrants, traded over-the-counter, were last quoted yesterday at $1.55.

Sources: Press Release, Press Release


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