Real estate investment and services firm Kennedy Wilson has sold and issued 32,550 shares of its convertible series B preferred stock in an equity private placement to Toronto-based Fairfax Financial Holdings.
The proceeds from the offering, totaling USD32,550,000, were used to finance the company’s repurchase of its seven per cent convertible subordinated debt.
The series B preferred stock is convertible into approximately three million shares of Kennedy Wilson common stock, the same number of shares into which the recently retired seven per cent convertible subordinated debt was convertible.
"We are very pleased about Fairfax’s continued investment in Kennedy Wilson," says William McMorrow, chairman and chief executive of Kennedy Wilson. "The company continues to build and maintain relationships with some of the world’s top companies and pursue strategic real estate investments together."
The news follows Fairfax’s USD100m purchase of Kennedy Wilson’s convertible series A preferred stock and its planned USD250m real estate investment partnership with the company, both announced in May this year.