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Kennedy Wilson Holdings

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finance2 years ago

PacWest Sells $5.7B Loan Portfolio to Kennedy Wilson.

PacWest Bancorp has sold the first tranche of a $5.7 billion loan portfolio to Kennedy Wilson Holdings and its affiliate Fairfax Financial Holdings. The sale is part of PacWest's efforts to shore up liquidity after runs on deposits hit several regional lenders earlier this year. The first tranche of loans acquired by Kennedy Wilson and Fairfax totaled $3.25 billion in commitments and $1.8 billion in principal balances. PacWest's shares have slumped 60% this year amid the turmoil.

via Yahoo Finance|
#finance#kennedy-wilson-holdings#liquidity
finance2 years ago

PacWest's $2.6B real estate loan sale boosts shares.

PacWest Bancorp's shares rose nearly 13% after the lender announced it would sell $2.6 billion worth of its loan portfolio to Kennedy-Wilson Holdings at a discount of nearly $200 million. The deal is expected to help the bank build its common equity tier 1 capital. The news also lifted the shares of other regional lenders, with the KBW Regional Banking Index and the S&P Regional Banks Index each gaining more than 2%.

via Reuters|
#finance#kennedy-wilson-holdings#loan-portfolio-sale
finance2 years ago

PacWest's $2.6B loan sale boosts stock and regional bank rally.

PacWest Bancorp has agreed to sell a $2.6bn real estate construction loan portfolio at a discount to Kennedy-Wilson Holdings in a bid to improve its balance sheet. The deal gives the California-focused bank breathing space to cope with a flight of deposits that followed the collapse of Silicon Valley Bank and other regional peers over the last two months. PacWest has lost three-quarters of its market value since the regional banking crisis started on March 8.

via NBC News|
#balance-sheet#finance#kennedy-wilson-holdings
finance2 years ago

PacWest Bank to Sell $2.7B in Real Estate and Construction Loans.

Pacific Western Bank is selling $2.6bn in construction loans to Kennedy-Wilson Holdings at a discounted price of $2.4bn. The deal is expected to close in tranches beginning during this quarter and rolling into the next. Kennedy-Wilson will also be assuming the future funding obligations, a total of $2.7bn. The Kennedy-Wilson deal makes a dent in PacWest’s loan book, which held $4.6bn in construction loans across residential and commercial properties in the first quarter.

via The Real Deal|
#construction-loans#finance#kennedy-wilson-holdings
business2 years ago

PacWest sells $2.7B in real estate loans to Kennedy-Wilson unit, stock gains.

PacWest Bancorp has agreed to sell a portfolio of 74 real estate construction loans worth around $2.6B to a subsidiary of Kennedy-Wilson Holdings, as well as six additional loans worth around $363M. The deal is expected to close in multiple tranches in Q2 and Q3 of 2023, subject to satisfactory due diligence by Kennedy-Wilson. PacWest's stock climbed 7.2% in premarket trading following the announcement.

via Seeking Alpha|
#bank-selloff#business#construction-loans
finance2 years ago

PacWest Bank to Sell $2.6 Billion in Real Estate Loans, Sparks Stock Rally.

PacWest Bancorp's stock rose 21% after announcing the sale of a $2.6 billion portfolio of 74 real-estate-construction loans to refocus on its core community-banking business. The move sparked a rally in regional-bank stocks, with Hovde Group initiating coverage of Zions Bancorp with a bullish outperform rating. The sale of the loans is subject to Kennedy Wilson's satisfactory due diligence and is expected to close in several tranches in the second and third quarters. PacWest shares are down 73% in the year to date, caught up in the turmoil created by bank failures.

via MarketWatch|
#finance#kennedy-wilson-holdings#pacwest-bancorp