By Aleesia Forni
Virginia Beach, March 11 – KKR Group Finance Co. III LLC sold an upsized $500 million add-on to its existing 5.125% senior notes due June 1, 2044 on Wednesday with a spread of Treasuries plus 237.5 basis points, according to a source away from the trade.
The notes (A/A) priced at the tight end of initial guidance set at 237.5 bps to 250 bps over Treasuries.
Pricing was at 101.062 to yield 5.054%.
The original $500 million issue was sold with a spread of 180 bps over Treasuries on May 21, 2014.
Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the bookrunners for the Rule 144A and Regulation S offering.
KKR intends to use the proceeds from the offering for general corporate purposes, including to fund acquisitions and investments.
There is a guarantee by New York City-based parent company KKR & Co. LP, along with subsidiaries KKR Management Holdings LP, KKR Fund Holdings LP and KKR International Holdings LP.
| Issuer: | KKR Group Finance Co. III LLC
|
| Guarantors: | KKR & Co. LP, KKR Management Holdings LP, KKR Fund Holdings LP, KKR International Holdings LP
|
| Amount: | $500 million, upsized from $300 million
|
| Description: | Add-on to senior notes
|
| Maturity: | June 1, 2044
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 5.125%
|
| Price: | 101.062
|
| Yield: | 5.054%
|
| Spread: | 237.5 bps over Treasuries
|
| Trade date: | March 11
|
| Settlement date: | March 18
|
| Ratings: | Moody’s: A
|
| Standard & Poor’s: A
|
| Distribution: | Rule 144A Regulation S
|
| Price talk: | 237.5 bps to 250 bps over Treasuries
|
| Original issue: | $500 million notes priced at 180 bps over Treasuries on May 21, 2014
|
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