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KKR’s 6.5% series B perpetual preferred units admitted to NYSE
By Stephanie N. Rotondo
Seattle, June 27 – KKR & Co. LP’s $155 million of 6.5% series B perpetual preferred units listed on the New York Stock Exchange on Monday, according to a market source.
The ticker symbol is “KKRPB.”
The deal priced June 13. Price talk was in the 6.625% area.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunning managers. Joint lead managers were Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. HSBC Securities (USA) Inc. and Mizuho Securities.
Distributions will be payable on the 15th day of March, June, September and December, beginning Sept. 15. The preferred units become redeemable on or after Sept. 15, 2021 at par plus accrued distributions. The units can also be redeemed upon a change of control at $25.25 per unit, plus accrued distributions.
If the units are not redeemed in the event of a change of control, the distribution rate will increase by 5%.
Proceeds will be used for general corporate purposes, which may include funding acquisitions and investments.
KKR is a New York City-based private equity firm.
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