Kennedy Wilson Europe has launched a £2bn Euro MTN programme, following British Land in using the flexible financing facility.
The programme will give KWE access to up to £2bn of extra finance by issuing notes as and when it needs them.
The individual short-term notes will carry a coupon set at the time of launch at an amount guided by the BBB credit rating of KWE.
KWE joins British Land in the use of EMTN’s in the real estate markets. The facility is a relatively costly one to administer but provides a useful extra facility to draw down capital for investment or other purposes at a time that suits the borrower.
British Land, despite having access to a £1bn EMTN programme, has never drawn down on the facility.
