KKR Financial Holdings LLC Announces Completion of New CLO Transaction and Regains Compliance With NYSE Stock Price Listing Stan
March 31 2009 - 11:36AM
PR Newswire (US)
SAN FRANCISCO, March 31 /PRNewswire-FirstCall/ -- KKR Financial
Holdings LLC (NYSE:KFN) (the "Company" or "KFN") today announced
that it has closed a $715 million cash flow CLO transaction, KKR
Financial CLO 2009-1, Ltd., with a maturity date of April 2017. As
a result of this transaction, Wayzata Funding LLC, the Company's
market value CLO structure that closed on November 5, 2007, will be
wound down and its assets will be transferred to the new CLO, with
interests in the Wayzata facility being exchanged for interests in
the new CLO. The material terms of KKR Financial CLO 2009-1, Ltd.
are outlined in a Form 8-K filed today with the Securities and
Exchange Commission. "The completion of this transaction is another
critical step in addressing the structural challenges faced by KFN.
We remain committed to the long-term success of KFN," said Bill
Sonneborn, Chief Executive Officer. NYSE Listing Standard In
addition, on March 23, 2009 the Company was notified by the New
York Stock Exchange ("NYSE") that, based upon the modified listing
standards adopted on February 26, 2009 in which the NYSE
temporarily suspended its $1 minimum price requirement and extended
until June 30, 2009 the average global market capitalization
standard, the Company has regained compliance with the NYSE
continued listing standards. As previously announced, the Company
was notified by the NYSE in December 2008 that it had fallen below
the NYSE's minimum price criterion. About KKR Financial Holdings
LLC KKR Financial Holdings LLC is a publicly traded specialty
finance company that invests in multiple 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. Additional information
regarding KKR Financial Holdings LLC is available at
http://www.kkr.com/. DATASOURCE: KKR Financial Holdings LLC
CONTACT: Investors, Laurie L. Poggi, +1-415-315-3718, or Media,
Peter McKillop, or Kristi Huller, +1-212-750-8300, , all of KKR
Asset Management Web Site: http://www.kkr.com/
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