Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 208

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 208
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 loss of $4.5 million in other comprehensive income due to the strengthening of the euro against the GBP during the period.  The Company intends to repay the KWE Notes through a combination of cash on hand, proceeds from asset sales and its unsecured credit facility.      The trust deed that governs the bonds contains various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges.  The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed).  The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).  As of March 31, 2025, KWE was in compliance with these covenants.

NOTE 11—EQUITY

At-the-Market Equity Offering ProgramIn May 2022, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which it could issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts and at times as the Company determines from time to time.  During the three months ended March 31, 2025, the Company did not issue any shares under the ATM Program and as of March 31, 2025, the Company had $169.9 million of capacity remaining.  The ATM program expired on May 5, 2025. Dividend Distributions    Kennedy Wilson declared and paid the following cash distributions on its preferred and common stock:Three Months Ended March 31, 2025Three Months Ended March 31, 2024(Dollars in millions)DeclaredPaidDeclaredPaidPreferred Stock