Summary
KKR & Co. Inc. (KKR) filed an 8-K on April 13, 2021, detailing a material definitive agreement related to its capital markets business. Specifically, on April 9, 2021, KKR Capital Markets Holdings L.P. and certain other capital market subsidiaries entered into a new 364-day revolving credit agreement, replacing a similar prior agreement that terminated on the same date. This new agreement, with a maturity of April 8, 2022, provides for revolving borrowings of up to $750 million.
Key Highlights
- 1KKR's capital markets subsidiaries entered into a new 364-day revolving credit agreement on April 9, 2021.
- 2The new credit facility has a maximum borrowing capacity of $750 million.
- 3The agreement matures on April 8, 2022, extending the maturity from the prior agreement.
- 4The prior 364-day revolving credit agreement, dated April 10, 2020, was terminated as per its terms.
- 5Interest rates vary based on the loan type (Eurocurrency or ABR) and include an applicable margin ranging from 1.50% to 2.75% (Eurocurrency) or 0.50% to 1.75% (ABR).
- 6Borrowings under the new agreement are restricted to facilitating the settlement of debt transactions syndicated by KKR's capital markets business.
- 7Liabilities under this agreement are non-recourse to the broader KKR entity, limited to the capital markets subsidiaries involved.