By Andrea Heisinger
New York, Sept. 22 - KKR Group Finance Co. LLC sold an upsized $500 million of 6.375% 10-year senior notes on Wednesday under Rule 144A and Regulation S, a market source close to the sale said.
The size was increased from $350 million, a source said.
The notes (/A-/A) priced at 99.584 to yield 6.432% with a spread of Treasuries plus 387.5 basis points. This was in line with talk in the 387.5 bps area.
The securities have a make-whole call at 50 bps over Treasuries.
Citigroup Global Markets, Goldman Sachs & Co., KKR Capital Markets and Morgan Stanley & Co. Inc. ran the books.
Proceeds are being used for general corporate purposes.
The deal is guaranteed by parent company KKR & Co. LP and also KKR Management Holdings LP and KKR Fund Holdings LP.
The private equity firm is based in New York City.
| Issuer: | KKR Group Finance Co. LLC
|
| Guarantors: | KKR & Co. LP, KKR Management Holdings LP, KKR Fund Holdings LP
|
| Issue: | Senior notes
|
| Amount: | $500 million, upsized from $350 million
|
| Maturity: | Sept. 29, 2020
|
| Bookrunners: | Citigroup Global Markets, Goldman Sachs & Co., KKR Capital Markets, Morgan Stanley & Co. Inc.
|
| Coupon: | 6.375%
|
| Price: | 99.584
|
| Yield: | 6.432%
|
| Spread: | Treasuries plus 387.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Rule 144A/Regulation S
|
| Trade date: | Sept. 22
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody's:
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Price talk: | 387.5 bps area
|
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