By Wendy Van Sickle
Columbus, Ohio, April 9 – KKR Real Estate Finance Trust Inc. priced $150 million, or 6 million shares, of 6.5% $25-par series A cumulative redeemable preferred stock on Friday, according to a news release.
There is a $22.5 million greenshoe.
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, from 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.
| Issuer: | KKR Real Estate Finance Trust Inc.
|
| Issue: | Cumulative redeemable preferred stock
|
| Amount: | $150 million, or 6 million shares
|
| Greenshoe: | $22.5 million, or 900,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Raymond James & Associates Inc. and KKR Capital Markets LLC
|
| Dividend: | 6.5%
|
| Price: | Par of $25
|
| Yield: | 6.5%
|
| Call option: | After five years
|
| Trade date: | April 9
|
| Settlement date: | April 16
|
| Symbol: | NYSE: KREFPrA
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
