Kkr Financial Holdings Llc - Current report filing (8-K)
February 19 2008 - 8:03AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported):
February 15, 2008
KKR
Financial Holdings LLC
(Exact name of registrant as specified in its charter)
Delaware
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001-33437
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11-3801844
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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555 California Street, 50
th
Floor
San Francisco, California
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94104
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(Address of principal executive offices)
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(Zip Code)
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415-315-3620
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 8.01
Other Events.
On February 15, 2008, KKR Financial Holdings LLC
(the
Company
) entered into an Extension Amendment Agreement (the
Amendment
Agreement
) with the holders of non-recourse secured liquidity notes (the
SLNs
)
issued by two asset-backed secured liquidity note conduit facilities (the
Facilities
)
to allow for restructuring discussions. On October 18, 2007, the Company
announced that it had consummated a restructuring to extend the Facilities (the
October Restructuring
). Pursuant to the terms of the October Restructuring,
the original maturity date of the SLNs was extended so that approximately 50%
of the principal balance was due on February 15, 2008 (the
February Maturity
Date
) and the remaining principal balance is due on March 13, 2008.
Pursuant to the Amendment Agreement, the February Maturity Date has been
extended to March 3, 2008 (the
Extension Period
). The holders of
a majority of the SLNs have the right to terminate the Extension Period upon
one business day prior written notice. Upon the expiration or termination of
the Extension Period without further agreement on restructuring, the SLNs
will become due and payable. In connection with the October Restructuring,
certain holders of the SLNs agreed to receive an in-kind distribution of the
mortgage-backed securities serving as collateral for the Facilities in
satisfaction of the outstanding principal balance of their SLNs. In
connection with the Amendment Agreement, certain holders of SLNs have been
given the option during the Extension Period to receive at their election an
in-kind distribution of the mortgage-backed securities serving as collateral
for the Facilities in satisfaction of the outstanding principal balance of
their SLNs. Upon expiration or termination of the Extension Period, the
remaining holders of SLNs have the right to receive at their election an
in-kind distribution of the mortgage-backed securities serving as collateral
for the Facilities in satisfaction of the outstanding principal balance of
their SLNs.
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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KKR
Financial Holdings LLC
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(Registrant)
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Date:
February 19, 2008
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By:
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/s/
JEFFREY B. VAN HORN
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Jeffrey
B. Van Horn
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Chief
Financial Officer
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(Principal
Financial and Accounting Officer)
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3
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