By Wendy Van Sickle
Columbus, Ohio, Jan. 6 – KKR Real Estate Finance Trust Inc. priced a $110 million, or 4.4 million share, add-on to its 6.5% series A cumulative redeemable preferred stock with a $25.00 liquidation preference on Thursday, according to a news release.
This offering is a reopening of KKR’s previous issuance of $150 million, or 6.9 million shares, of 6.5% preferred stock on April 16, 2021, according to a press release and a 424B5 filing with the Securities and Exchange Commission. The additional shares will form a single series and be fully fungible with the existing shares.
There will be a 30-day greenshoe for $16.5 million, or 660,000 shares.
Raymond James & Associates, Inc. and KKR Capital Markets LLC are the joint bookrunners.
The company said it intends to use proceeds from the add-on to acquire target assets and for general corporate purposes.
The preferreds are listed on the New York Stock Exchange under the ticker symbol “KREFPrA.” The last reported price on Jan. 5 was $25.30 per share, according to a 424B5 filing with the SEC.
KKR Real Estate is a New York-based real estate finance company.
| Issuer: | KKR Real Estate Finance Trust Inc.
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| Amount: | $110 million add-on, or 4.4 million shares
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| Greenshoe: | $16.5 million, or 660,000 shares
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| Issue: | Cumulative redeemable preferred stock
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| Maturity: | Perpetual
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| Bookrunners: | Raymond James & Associates Inc. and KKR Capital Markets LLC
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| Dividend: | 6.5%
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| Price: | Par of $25.00 plus accrued dividends from Dec. 15
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| Call option: | After five years from initial issuance
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| Trade date: | Jan. 6
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| Settlement date: | Jan. 13
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| Original issue: | $150 million, or 6 million shares, on April 16, 2021
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| Symbol: | NYSE: KREFPrA
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