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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kkr Financial Holdings Llc | NYSE:KFN | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.54 | 0.00 | 01:00:00 |
SAN FRANCISCO, May 3 /PRNewswire-FirstCall/ -- KKR Financial Holdings LLC (NYSE: KFN) (the "Company") today announced that the Company and certain of its subsidiaries entered into a credit agreement with Citibank, N.A., Bank of America, N.A., Deutsche Bank AG New York Branch and Morgan Stanley, N.A., for a new four-year $210 million asset-based revolving credit facility (the "Facility"). The Facility replaces the Company's $150 million senior secured credit facility (the "Prior Facility") that was due to mature in November 2011. The material terms of the Facility are outlined in a Form 8-K filed today with the Securities and Exchange Commission.
Highlights of the Facility are as follows:
The Company's Chief Executive Officer, William C. Sonneborn, commented, "We are pleased with the completion of a new credit agreement which lowers our cost of capital, supports our business strategy and provides significantly increased flexibility in making distributions to our shareholders."
Initial borrowings under the Facility are subject to, among other things, the substantially concurrent repayment by the Company of all amounts due and owing under the Prior Facility and such facility's effective termination. The Facility also contains covenants that require the Company to satisfy a net worth financial test and maintain certain ratios relating to collateral coverage and leverage. In addition, the Facility contains customary negative covenants applicable to the Company and its subsidiaries, including negative covenants that restrict the ability of such entities to, among other things, (i) incur additional indebtedness, (ii) allow certain liens to attach to such entities' assets, and (iii) pay dividends or make certain other restricted payments.
About KKR Financial Holdings LLC
KKR Financial Holdings LLC is a publicly traded specialty finance company with expertise in a range of asset classes. KKR Financial Holdings LLC is externally managed by KKR Financial Advisors LLC, a wholly-owned subsidiary of Kohlberg Kravis Roberts & Co. (Fixed Income) LLC, which is a wholly-owned subsidiary of Kohlberg Kravis Roberts & Co. L.P. KKR Financial Holdings LLC executes its core business strategy through majority-owned subsidiaries.
Media Relations Contacts: | |
Peter McKillop or Kristi Huller | |
Kohlberg Kravis Roberts & Co. | |
Tel: 212-750-8300 | |
media@kkr.com | |
Investor Relations Contact: | |
Laurie Poggi | |
Kohlberg Kravis Roberts & Co. | |
Tel: 415-315-3718 | |
SOURCE KKR Financial Holdings LLC
Copyright ay 3 PR Newswire
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