KKR Real Estate tightens $300 million term loan B OID to 97.5

By Sara Rosenberg

New York, Aug. 5 – KKR Real Estate Finance Trust Inc. (KREF Holdings X LLC) revised the original issue discount on its $300 million seven-year senior secured term loan B (Ba2/BB-) to 97.5 from talk in the range of 96 to 97, according to a market source.

Pricing on the term loan remained at Libor plus 475 basis points with a 1% Libor floor.

The term loan still has 101 soft call protection for one year.

J.P. Morgan Securities LLC and KKR Capital Markets are the joint lead arrangers on the deal.

Recommitments were due at 11 a.m. ET on Wednesday, 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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