Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 203

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 203
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 Debt$2,620.7 (1) The Company is actively negotiating loan extensions and refinances with lenders on these loans.      As of March 31, 2025, the Company was in compliance with all financial mortgage debt covenants.

20

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

NOTE 9—KW UNSECURED DEBT

    The following table details KW unsecured debt as of March 31, 2025 and December 31, 2024:(Dollars in millions)March 31, 2025December 31, 2024Credit facility$272.7 $98.3 Senior notes(1):2029 Notes601.2 601.3 2030 Notes600.0 600.0 2031 Notes601.4 601.4 KW unsecured debt2,075.3 1,901.0 Unamortized loan fees(21.7)(23.1)Total KW Unsecured Debt$2,053.6 $1,877.9 (1) The senior notes balances include unamortized debt premiums.  Debt premiums represent the difference between the fair value of debt and the principal value of debt issued and is amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.  The unamortized debt premium as of March 31, 2025 and December 31, 2024 was $2.6 million and $2.7 million, respectively.Borrowings Under Credit Facilities    On September 12, 2024, the Kennedy-Wilson, Inc., a wholly-owned subsidiary of the Company (the "Borrower"), the Company and certain of the Company's subsidiaries entered into that certain Third Amended and Restated Credit Agreement (the "Credit Agreement", and the $550 million revolving line of credit thereunder, the "Third A&R Facility") with Bank of America, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto.  Loans under the Third A&R Facility bear interest at a rate equal to Daily SOFR or Term SOFR plus an applicable rate between 1.75% and 2.75%, depending on the consolidated leverage ratio as of the applicable measurement date. The Third A&R Facility has a maturity date of September 12, 2027 and