Kennedy Wilson Europe secures revolving credit facility extension

Kennedy Wilson Europe has secured an extension to term of its £225m unsecured revolving credit facility with Bank of America Merrill Lynch entities.

The facility, which was due to expire on 29 August 2017, has been extended to either the 28 February 2018 or the effective date of the merger transaction with Kennedy Wilson Holdings, whichever comes first. If the transaction is not effective by 28 February, KWE will have the right to extend the maturity of the facility for up to a further six months.

All the other terms of the facility, which remains undrawn, are unchanged.

KWE announced back in April that it was merging with its US-based parent company Kennedy Wilson Holdings, creating a company with a combined market capitalisation of around $4bn and an enterprise value of $8.2bn.

At 1030 BST, the shares were down 0.1% to 1,105p.