KKR Capital Markets gets $750 million replacement revolver due 2022

By Marisa Wong

Los Angeles, April 14 – KKR Capital Markets Holdings LP and some capital market subsidiaries of KKR & Co. Inc. replaced their existing 364-day revolving credit agreement with a new 364-day revolver with a later maturity with Mizuho Bank, Ltd. as administrative agent, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The new agreement provides for revolving borrowings of up to $750 million, expires on April 8, 2022 and ranks pari passu with the existing $750 million revolver.

The prior 364-day credit agreement dated April 10, 2020 with Mizuho Bank as administrative agent was terminated upon closing of the new agreement on April 9.

The applicable margin for Libor loans under the new revolver ranges from 150 basis points to 275 bps, depending on the duration of the loan.

Borrowings may only be used to facilitate the settlement of debt transactions syndicated by KKR’s capital markets business.

The agreement includes a financial covenant that sets a maximum debt to equity ratio for the borrowers.

KKR is an investment firm based in New York.

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