KKR Financial Holdings LLC Announces Restructuring of Asset-Backed Secured Liquidity Note Facilities
October 18 2007 - 5:10PM
PR Newswire (US)
SAN FRANCISCO, Oct. 18 /PRNewswire-FirstCall/ -- KKR Financial
Holdings LLC (NYSE:KFN) ("KFN" or the "Company") today announced
that its REIT subsidiary, KKR Financial Corp., has consummated the
restructuring (the "Restructuring") of its non-recourse
asset-backed secured liquidity note facilities (the "Facilities").
Pursuant to the terms of the Restructuring, the maturity date of
the notes has been extended, with approximately 50% of the
principal balance due on February 15, 2008, and the remaining
principal balance due on March 13, 2008. KKR Financial Advisors III
LLC, the administrator for the Facilities, will, subject to certain
conditions, continue to manage the Facilities and the residential
mortgage-backed securities which serve as collateral (the
"Collateral") for the Facilities. The Company expects that all
charges related to the Restructuring, including related
contingencies and the Company's net investment in the Facilities,
have been included in its previously announced anticipated charge
of approximately $250 million for the quarter ended September 30,
2007. Under the terms of the Restructuring the Company continues to
have the right, but not the obligation, to repurchase or refinance
the Collateral and pay-off the Facilities prior to maturity date.
About KKR Financial Holdings LLC 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.
Additional information on KKR Financial Holdings LLC is available
on the company's website at http://www.kkrkfn.com/. Statements in
this press release that are not strictly historical are
"forward-looking" statements. Forward-looking statements involve
known and unknown risks, which may cause the Company's actual
future results to differ materially from expected results. These
risks include, among others, general economic conditions, the
availability, terms and deployment of capital to finance planned
growth, risks associated with investing in mortgage-related assets,
the Company's limited liability company and organization structure
and the regulatory environment in which its business operates, as
described in the Company's filings with the Securities and Exchange
Commission. Consequently, such forward-looking statements should be
regarded solely as reflections of the Company's current operating
plans and estimates. Actual operating results may differ materially
from what is expressed or forecast in this press release. The
Company undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date these statements
were made. Investor Contact Media Contact Laurie Poggi Roanne
Kulakoff and Joseph Kuo KKR Financial LLC Kekst and Company
415-315-3718 212-521-4837 and 212-521-4863 DATASOURCE: KKR
Financial Holdings LLC CONTACT: Investors, Laurie Poggi of KKR
Financial LLC, +1-415-315-3718; or Media, Roanne Kulakoff,
+1-212-521-4837, and Joseph Kuo, +1-212-521-4863, of Kekst and
Company both for KKR Financial LLC Web site: http://www.kkrkfn.com/
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