Business Context and Reporting Period
This Form 8-K Current Report was filed by KKR & Co. L.P. on March 10, 2016. The filing reports the execution of an underwriting agreement for a new equity offering.
Key Financial Metrics
The filing details a capital raise rather than operational performance metrics. Key figures include:
- Security Issued: 6.75% Series A Preferred Units.
- Base Offering Size: 12,000,000 units.
- Liquidation Preference: $25.00 per unit.
- Over-Allotment Option: Up to an additional 1,800,000 units at the underwriters' option.
- Expected Closing Date: March 17, 2016.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or existing debt levels.
Material Changes
The primary material change is the initiation of a public offering of preferred units. The Partnership entered into an agreement with Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, and Wells Fargo Securities, LLC as representatives of the underwriters.
Outlook, Risks, and Management Commentary
The offering is being made pursuant to a registration statement on Form S-3 (Registration No. 333-210061) and a related prospectus supplement dated March 10, 2016. The underwriting agreement includes customary representations, warranties, conditions to closing, indemnification rights, and termination provisions. No specific management commentary on future outlook or risks is provided in this specific 8-K text beyond the standard terms of the underwriting agreement.
Investor Verification Checklist
- Verify the final closing date and total proceeds after the over-allotment option is exercised or expires.
- Review the full Prospectus Supplement (Form S-3) for detailed use of proceeds and specific risk factors.
- Confirm the impact of the new preferred units on the company's capital structure and dividend obligations.
- Check for any subsequent filings regarding the final terms of the offering.