Summary
KKR & Co. Inc. (KKR) filed an 8-K on June 16, 2016, announcing an Underwriting Agreement for a public offering of its 6.50% Series B Preferred Units. The company plans to issue and sell 6,200,000 Series B Preferred Units, each with a liquidation preference of $25.00. This offering is a strategic move to raise capital and is being conducted under an effective registration statement filed earlier in March 2016, with a related prospectus supplement dated June 13, 2016. The offering is expected to close on June 20, 2016, and involves several prominent underwriters led by Morgan Stanley & Co. LLC. The Underwriting Agreement outlines standard terms including representations, warranties, conditions to closing, indemnification, and termination provisions. Investors should note the fixed dividend rate of 6.50% and the liquidation preference, which are key features of these preferred units.
Key Highlights
- 1KKR & Co. L.P. entered into an Underwriting Agreement on June 13, 2016.
- 2The company is issuing 6,200,000 Series B Preferred Units in a public offering.
- 3The Series B Preferred Units have a fixed dividend rate of 6.50% and a liquidation preference of $25.00 per unit.
- 4The offering is expected to close on June 20, 2016.
- 5The offering is being conducted under a Form S-3 registration statement and a related prospectus supplement.
- 6The Underwriting Agreement includes customary terms, conditions, and representations between KKR and the underwriters.