SAN FRANCISCO, May 5 /PRNewswire-FirstCall/ -- KKR Financial
Holdings LLC (NYSE: KFN) (the "Company") today announced that it
has decided not to proceed with the previously announced proposed
offering of common shares on account of the current unfavorable
market conditions due to the recent volatility of global equity
markets. The offering described in the preliminary prospectus
supplement dated May 3, 2010, which
the Company filed on May 4, 2010 with
the Securities and Exchange Commission and is available at
www.sec.gov, has accordingly been discontinued.
The Company's Chief Executive Officer, William C. Sonneborn, commented, "While we are
very pleased with the strong interest that we received for this
offering, we have decided that proceeding with this transaction in
light of current market conditions is not in the best interests of
our shareholders."
The completion of the offering was not a condition to the
availability of the commitments to the Company's previously
announced credit agreement with Citibank, N.A., Bank of America,
N.A., Deutsche Bank AG New York Branch, Morgan Stanley, N.A. and SG
Americas Securities, LLC, which provides for a new four-year
$250 million asset-based revolving
credit facility (the "Facility"). The material terms of the
Facility, including the terms on which the borrowings are
conditioned, are outlined in a current report on Form 8-K filed
with the Securities and Exchange Commission on May 5, 2010.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Common Shares described herein,
nor shall there be any sale of the Common Shares in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. An offering of
the Common Shares may only be made by means of the prospectus
supplement and the related prospectus. The Common Shares that were
proposed to be offered were not approved or disapproved by any
regulatory authority, nor did any such authority pass upon the
accuracy or adequacy of the registration statement, the prospectus
contained therein or the prospectus supplement.
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:
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Peter McKillop or Kristi Huller
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Kohlberg Kravis Roberts & Co.
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Tel: 212-750-8300
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media@kkr.com
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Investor Relations Contact:
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Laurie Poggi
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Kohlberg Kravis Roberts & Co.
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Tel: 415-315-3718
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SOURCE KKR Financial Holdings LLC