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KKR Real Estate sets add-on loan, repricing at Libor plus 350 bps
By Sara Rosenberg
New York, Nov. 5 – KKR Real Estate Finance Trust Inc. (KREF Holdings X LLC) finalized pricing on its $50 million add-on term loan B and repricing of its existing $298 million term loan B at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.
Furthermore, the issue price on the term loan debt was tightened to par from 99.75, the source said.
The term loan debt still has a 0.5% Libor floor and 101 soft call protection for six months.
JPMorgan Chase Bank is the lead on the deal.
Proceeds from the add-on term loan will be used for general corporate purposes, and the repricing will take the existing term loan down from Libor plus 475 bps with a 1% Libor floor.
KKR Real Estate is a New York-based real estate finance company.
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