AI English summary of an SEC filing — figures as filed
KKR KKRKKR said on July July 3, 2024 that its indirect subsidiaries KKR Group Partnership L.P. and Kohlberg Kravis Roberts & Co. L.P. entered into a Third Amended and Restated Credit Agreement. The agreement amends and restates in its entirety the Second Amended and Restated Credit Agreement dated as of August August 4, 2021.
Key points
AI summaryKKR said on July July 3, 2024 that its indirect subsidiaries KKR Group Partnership L.P. and Kohlberg Kravis Roberts & Co. L.P. entered into a Third Amended and Restated Credit Agreement. The agreement amends and restates in its entirety the Second Amended and Restated Credit Agreement dated as of August August 4, 2021.
The company said the borrowing subsidiaries are provided a senior unsecured multicurrency revolving credit facility with an aggregate principal amount of $2.75 billion as of the closing date. The company said the facility may be increased by up to $750 million, for a total of $3.50 billion, but the increase is subject to conditions, including obtaining new or increased commitments from new or existing lenders.
The company said the facility is a five-year facility maturing on July 3, 2029, and the borrowers may prepay, terminate or reduce commitments at any time without penalty. The company said dollar borrowings bear interest at term SOFR plus a margin of 57.5 basis points to 110 basis points plus a 10 basis points SOFR adjustment, or the alternate base rate, and the facility fee ranges from 5 basis points to 15 basis points.
KKR said KKR & Co. Inc. and its subsidiaries must maintain a leverage ratio, excluding the debt of KKR Financial Holdings LLC and The Global Atlantic Financial Group LLC and their respective subsidiaries, of no more than 4.0x covenant EBITDA. The company also said they must maintain at least $150 billion in fee paying assets under management.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Entry into Third Amended and Restated Credit Agreement
KKR said on July July 3, 2024 that its indirect subsidiaries KKR Group Partnership L.P. and Kohlberg Kravis Roberts & Co. L.P. entered into a Third Amended and Restated Credit Agreement. The agreement amends and restates in its entirety the Second Amended and Restated Credit Agreement dated as of August August 4, 2021.
Source · Based on the filing body and exhibits
$2.75 billion Senior Unsecured Revolving Credit Facility
The company said the borrowing subsidiaries are provided a senior unsecured multicurrency revolving credit facility with an aggregate principal amount of $2.75 billion as of the closing date. The company said the facility may be increased by up to $750 million, for a total of $3.50 billion, but the increase is subject to conditions, including obtaining new or increased commitments from new or existing lenders.
Source · Based on the filing body and exhibits
5-Year Maturity and Interest and Fee Terms
The company said the facility is a five-year facility maturing on July 3, 2029, and the borrowers may prepay, terminate or reduce commitments at any time without penalty. The company said dollar borrowings bear interest at term SOFR plus a margin of 57.5 basis points to 110 basis points plus a 10 basis points SOFR adjustment, or the alternate base rate, and the facility fee ranges from 5 basis points to 15 basis points.
Source · Based on the filing body and exhibits
Financial Covenant Terms
KKR said KKR & Co. Inc. and its subsidiaries must maintain a leverage ratio, excluding the debt of KKR Financial Holdings LLC and The Global Atlantic Financial Group LLC and their respective subsidiaries, of no more than 4.0x covenant EBITDA. The company also said they must maintain at least $150 billion in fee paying assets under management.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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