WASHINGTON (dpa-AFX) - KKR & Co. Inc. (KKR), Tuesday announced that it has initiated an offering of $1.5 billion of series D Mandatory Convertible Preferred Stock with each share having a liquidation preference of $50.00 per share.
However, if converted earlier, each share of mandatory convertible preferred stock will automatically convert into a variable number of shares of common stock on or around March 1, 2028.
The company intends to use the proceeds mainly for the acquisition of additional equity interests in core private equity portfolio companies reported in its Strategic Holdings segment.
Additionally, the company expects to grant the underwriters a 30-day option to purchase up to an additional $225 million of mandatory convertible preferred stock, solely to cover over-allotments, if any.
In the pre-market hours, KKR's stock is trading at $130.19, down 2.12 percent on the New York Stock Exchange.
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