KKR Financial to price $300 million convertible senior notes, talked at 6.5%-7%, up 30%-35%

By Evan Weinberger

New York, July 16 - KKR Financial Holdings LLC plans to price $300 million in convertible senior notes due 2012. The convertibles are being talked at a coupon of 6.5% to 7% with an initial conversion premium talked at 30% to 35%.

Citigroup is the bookrunner of the Rule 144A transaction. There is a $45 million over-allotment option. The bonds are expected to price Tuesday after market close.

There are no calls or puts. The bonds will be convertible into a combination of cash and KKR common stock or cash only.

KKR Financial Holdings is a San Francisco-based real estate investment trust and specialty finance company.

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