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KKR mandatory convertibles conversion rate set at 1.17 shares
Chicago, Sept. 14 – KKR & Co. Inc. announced the conversion rate for the Sept. 15 mandatory conversion if its 6% series C mandatory convertible preferred stock in a press release.
The conversion rate will be 1.17 shares of common stock for each share of preferred stock.
Cash will be paid in lieu of fractional shares of common stock.
The Sept. 15 date is the maturity date for the $1 billion issue which closed in August 2020.
When the issue priced, the conversion rate was going to be between 1.1662 and 1.4285, according to the Prospect News archive.
KKR is a New York-based private equity company.
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