KKR Capital Markets refreshes two revolvers totaling $1.5 billion

By Wendy Van Sickle

Columbus, Ohio, April 10 – KKR Capital Markets Holdings, LP and certain other capital market subsidiaries of KKR & Co. Inc. replaced their existing 364-day revolving credit agreement with a new $750 million 364-day revolver that expires on April 3, 2025 and also amended and restated their five-year revolver, according to an 8-K filing with the Securities and Exchange Commission.

The new 364-day revolver bears interest at SOFR plus a margin ranging 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.

Mizuho Bank, Ltd. is the administrative agent for both of the revolvers.

The five-year revolver is also sized at $750 million, all of which is available for letters of credit. It expires on April 4, 2029. Borrowings under this revolver bear interest at SOFR plus a margin ranging from 175 bps to 300 bps.

The credit facility dated March 20, 2020 was replaced by the new five-year revolver.

The agreements include 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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