Company: KW
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001408100-25-000092
Chunk: 162

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-03
Form: 424B3
Chunk 162
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WE UNSECURED BONDS
The following table details the KWE unsecured bonds as of December 31, 2024 and 2023:

|                                        | (Dollars in millions) | December 31, |  2024 |     |   |  2023 |
|:---------------------------------------|:----------------------|:-------------|------:|:----|:--|------:|
| KWE Euro Medium Term Note Programme(1) |                       | $            | 310.0 |     | $ | 523.3 |
| Unamortized loan fees                  |                       |              |  -0.2 |     |   |  -0.5 |
| Total KWE Unsecured Bonds              |                       | $            | 309.8 |     | $ | 522.8 |

(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 loan discount as of December 31, 2024 and 2023 was $0.5 million and $1.0 million, respectively.

KWE issued senior unsecured notes for an aggregate principal amount of (€550 million) (the "KWE Notes"). The KWE Notes were issued at a discount with an annual fixed coupon of 3.25%, and mature in November 2025. KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets and has designated the KWE Notes as a net investment hedge under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the year ended December 31, 2024, Kennedy Wilson recognized a gain of $24.4 million in accumulated other comprehensive income due to the weakening of the euro against the GBP during the period. On December 18, 2024, KWE completed a redemption of €175 million in aggregate nominal amount of its KWE Notes at a price of 100.4% of the principal amount redeemed plus accrued interest. During the year ended December 31, 2022, KWE launched a cash tender offer for up to €150.0 million in aggregate nominal amount of the KWE Notes and accepted