Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 52

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 52
---
 notes, and 2029 notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indenture governing the 2031 notes, 2030 notes, and 2029 notes limit the ability of KWI and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of September 30, 2025, the maximum balance sheet leverage ratio was 1.27 to 1.00. See Note 15 for the guarantor and non-guarantor financial statements.

As of September 30, 2025, the Company was in compliance with all financial covenants.

#### NOTE 10—KWE UNSECURED BONDS
The following table details KWE unsecured bonds as of September 30, 2025 and December 31, 2024:

|                                        | (Dollars in millions) |   | September 30, 2025 |     |   | December 31, 2024 |
|:---------------------------------------|:----------------------|:--|-------------------:|:----|:--|------------------:|
| KWE Euro Medium Term Note Programme(1) |                       | $ |              352.2 |     | $ |             310.0 |
| Unamortized loan fees                  |                       |   |                  — |     |   |              -0.2 |
| Total KWE Unsecured Bonds              |                       | $ |              352.2 |     | $ |             309.8 |

(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized discount as of September