Davis Polk advised Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC as joint book-running managers on an SEC-registered offering by KKR Financial Holdings LLC of 14,950,000 7.375% Series A LLC Preferred Shares, which includes the full exercise of the over-allotment option. The total proceeds of the offering were approximately $374 million.
Based in San Francisco, California, KKR Financial Holdings LLC is a specialty finance company with expertise in a range of asset classes. KKR’s core business strategy is to leverage the proprietary resources of its manager with the objective of generating both current income and capital appreciation.
The Davis Polk corporate team included partners John M. Brandow and Joseph A. Hall, associates Eilleen J. Park and Britton M. Sellers and law clerk Kevin Zhang. The financial institutions team included counsel Lena V. Kiely and associates E. Ashley Harris and Melissa C. Nunziato. The tax team included partner Po Sit and law clerk Isaac MacDonald. Partner Danforth Townley and counsel Catherine L. Martin provided ’40 Act advice. Partner Jeffrey P. Crandall and former associate Jennifer Freiman provided ERISA advice. Sorina Delia Lazar was the legal assistant for the transaction. All members of the Davis Polk team are based in the New York office.
