Beverly Hills real estate investment and services firm Kennedy-Wilson Holdings, Inc. said Tuesday it planned sell 9 million shares of common stock.
The company said it would use the proceeds from the offering for general purposes, including future acquisitions and investments, and to repay $35 million in debt. Kennedy-Wilson will grant underwriters BofA Merrill Lynch, Deutsche Bank Securities and Morgan Stanley a 30-day option to purchase up to 1.35 million additional shares. The offering has not been priced, but its shares closed at $17.08 on March 11, the day before the announcement.
The company has also announced that it would pay a dividend of 7 cents a share to common shareholders as of March 22 with a payment date of April 2. The quarterly payment equates to an annual dividend of 28 cents a common share.
Shares closed down 1 percent at $16.90 on Tuesday.