Global real estate investment company Kennedy Wilson has expanded its $500m (£381m) unsecured revolving credit facility to $550m in partnership with a group of 10 banks.
The new credit facility has a three-year term and two six-month extension options.
Loans under the facility bear interest at a rate equal to SOFR plus a spread of 1.75% to 2.75%.
Kennedy Wilson chairman and chief executive William McMorrow said: “This credit facility provides us with an efficient and flexible source of funding that positions us to act quickly on opportunities that we believe will continue to emerge in the short term.
“We appreciate the support of our bank group in this expanded credit facility that will enable us to build on the growth we have experienced in many areas of our business this year.”
The revolving credit facility has current outstanding borrowings of approximately $175m.
Bank of America will serve as administrative agent. BofA Securities, JPMorgan Chase Bank and M&T Bank acted as the joint lead arrangers.
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