KKR Real Estate launches $300 million term B at Libor plus 475 bps

By Sara Rosenberg

New York, July 27 – KKR Real Estate Finance Trust Inc. (KREF Holdings X LLC) held a lender call at 2 p.m. ET on Monday to launch a $300 million seven-year senior secured term loan B (Ba2/BB-) that is talked at Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 96 to 97, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

J.P. Morgan Securities LLC and KKR Capital Markets are the joint lead arrangers on the deal, with others expected to join that list.

Commitments are due at 5 p.m. ET on Aug. 4, the source added.

Proceeds will be used to refinance existing debt, to fund acquisitions and for general corporate purposes.

KKR Real Estate is a New York-based real estate finance company.

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