KKR Financial Holdings LLC Announces $270.0 Million Common Share Rights Offering to Common Shareholders
August 20 2007 - 11:35AM
PR Newswire (US)
SAN FRANCISCO, Aug. 20 /PRNewswire-FirstCall/ -- KKR Financial
Holdings LLC (NYSE:KFN) announced today that its Board of Directors
has approved a public rights offering registered under the
Securities Act of 1933 of up to $270.0 million to its common
shareholders. Under the terms of the rights offering, the Company
will distribute non-transferable rights to subscribe for up to
18,750,000 common shares. Each holder of common shares will receive
0.19430 rights for each common share held at the close of business
on August 30, 2007, the record date for the rights offering. The
subscription price for the common shares offered in the rights
offering will be $14.40 per share, which was the closing price for
the Company's common shares on August 17, 2007. The rights will
expire on September 19, 2007 at 5:00 p.m., New York City time,
unless extended. As a result of the common share rights offering,
the conversion price of the Company's 7% Senior Secured Convertible
Notes will be adjusted in accordance with the terms and conditions
of the Indenture. The Company will use the net proceeds of the
rights offering for general corporate purposes. Consummation of the
rights offering is subject to general closing conditions. The
Company has entered into a backstop commitment agreement with
principals of Kohlberg Kravis Roberts & Co. L.P., pursuant to
which these persons have agreed, subject to customary conditions,
to purchase up to approximately $100.0 million of common shares at
the same price per share of $14.40 to the extent that the rights
offering is not fully subscribed. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of securities in any
state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state. The rights offering will be made only by means of a
prospectus. The prospectus, when available, also may be on the
Securities and Exchange Commission's website at
http://www.sec.gov/. KKR Financial Holdings LLC is a specialty
finance company that invests in multiple asset classes. KKR
Financial Holdings LLC is externally managed by KKR Financial
Advisors LLC. KKR Financial Holdings LLC and KKR Financial Advisors
LLC are affiliates of Kohlberg Kravis Roberts & Co. L.P. For
more information about KKR Financial Holdings LLC or a copy of this
press release visit its website at http://www.kkrkfn.com/. CONTACT:
Investors Laurie L. Poggi KKR Financial (415) 315-3718 Media Roanne
Kulakoff/Joseph Kuo Kekst and Company (212) 521-4837/4863
DATASOURCE: KKR Financial Holdings LLC CONTACT: Investors, Laurie
L. Poggi of KKR Financial, +1-415-315-3718; or Media, Roanne
Kulakoff, +1-212-521-4837, or Joseph Kuo, +1-212-521-4863, both of
Kekst and Company for KKR Financial Holdings LLC Web site:
http://www.kkrkfn.com/
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