Summary
This 8-K filing from KKR & Co. Inc. (KKR) on November 3, 2010, primarily concerns an "Amended and Restated Exchange Agreement" and the release of its third-quarter 2010 financial results. The amended agreement modifies the terms of an earlier exchange agreement, introducing provisions that allow KKR Holdings L.P. to limit the number of KKR Group Partnership Units that can be exchanged quarterly and to cancel exchanges under certain conditions. A notable change involves exchanges of Fund Holdings units with a new subsidiary, which may have minor implications for the tax character of income for certain unitholders, though KKR expects these to be immaterial. The filing also incorporates by reference a press release detailing the company's financial performance for the third quarter ended September 30, 2010, providing investors with an update on operational results.
Key Highlights
- 1KKR entered into an Amended and Restated Exchange Agreement on November 2, 2010, modifying terms of an earlier July 14, 2010 agreement.
- 2The amended agreement grants KKR Holdings L.P. the ability to limit quarterly exchanges of KKR Group Partnership Units.
- 3Provisions for the cancellation of exchanges under specific conditions have been added.
- 4Certain exchanges of Fund Holdings units will now be conducted through a new subsidiary of the Partnership.
- 5This subsidiary arrangement may alter the tax character of income for some unitholders, though KKR anticipates an immaterial impact.
- 6The company also released its financial results for the third quarter ended September 30, 2010, via a press release (Exhibit 99.1).