KKR Financial to Raise $500 Million From Investors |
| Bloomberg - Aug 20, 2007 |
KKR Financial Holdings Inc. plans to raise $500 million by selling stock to seven institutional investors and rights to its common shareholders.
Investors including San Francisco-based Farallon Capital Management LLC and New York-based Morgan Stanley will buy 16 million shares at $14.40 each, or $230 million, KKR Financial said today in a PRNewswire statement. The San Francisco-based company plans to raise an additional $270 million through a rights offering to shareholders. Proceeds will be used for general corporate purposes.
KKR Financial, an affiliate of buyout firm Kohlberg Kravis Roberts & Co., told investors last week that it sold $5.1 billion in mortgage loans for a loss of $40 million and may have more losses as prices fall on bonds linked to U.S. home loans. Chief Executive Officer Saturnino Fanlo said on a conference call after the sale that the firm has liquidity of $452 million in cash and other sources and plans to divest the rest of its residential mortgage-backed securities.
Read Full Article from Bloomberg
- Posted: 2007-08-20 08:34:59
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