other material
confidence high
sentiment neutral
materiality 0.70
KKR issues $2.59B of 6.25% Series D Mandatory Convertible Preferred Stock
KKR & Co. Inc.
- Issued 51.75M shares at $50 liquidation preference per share, including full over-allotment exercise.
- Dividends cumulative at 6.25% annually, payable quarterly in cash or common stock; first payment June 1, 2025.
- Mandatory conversion on March 1, 2028 into 0.3312–0.4140 common shares per preferred share based on VWAP.
- While preferred outstanding, dividends and repurchases on common stock restricted unless all accumulated preferred dividends paid.
- Net proceeds of ~$2.53 billion; underwriting agreement with Morgan Stanley and KKR Capital Markets.