KKR Group Finance to sell $25-par subordinated notes due 2061

By Taylor Fox

New York, March 24 – KKR Group Finance Co. IX LLC plans to price $25-par subordinated notes due 2061, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be callable in whole after five years and may be callable beforehand upon a tax event or rating agency event.

Interest will be payable quarterly. The issuer may defer interest payments during one or more deferral periods for up to five consecutive years.

Wells Fargo Securities LLC, BofA Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and KKR Capital Markets LLC are the bookrunners.

The proceeds, along with cash on hand, will be used to redeem one or more of the series of KKR & Co. Inc.’s outstanding series A preferred stock and series B preferred stock.

Any remaining proceeds will be used for general corporate purposes.

KKR is a New York-based global investment firm.

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