KKR Real Estate Finance Trust to sell perpetual preferred stock via two bookrunners

By Rebecca Melvin

Concord, N.H., April 9 – KKR Real Estate Finance Trust Inc. is offering shares of its $25-par series A cumulative redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are perpetual but callable after five years in part or in whole at par plus accrued and unpaid dividends. The first dividend will be paid on June 15.

If a change-of-control event occurs the company may redeem the stock in whole or in part within 120 days after the first date on which the change of control occurred by paying $25 per share plus any accrued and unpaid dividends.

Raymond James & Associates Inc. and KKR Capital Markets LLC are the joint bookrunning managers of the offering, for which proceeds will be used to acquire target assets.

The shares are expected to be listed on the New York Stock Exchange under the symbol “KREFPrA.”

The real estate finance company is based in New York.

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