Business Context and Reporting Period
This Form 8-K Current Report was filed by KKR & Co. L.P. on June 13, 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 terms of the transaction include:
- Instrument: 6.50% Series B Preferred Units.
- Volume: 6,200,000 units.
- Liquidation Preference: $25.00 per unit.
- Expected Closing Date: June 20, 2016.
- Underwriters: Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, and Wells Fargo Securities, LLC.
The filing text does not provide clear values for revenue, profit, cash flow, operating margins, or existing debt levels.
Material Changes
The primary material change is the commitment to issue and sell the Series B Preferred Units. This transaction is expected to increase the company's capital base upon closing. No comparative financial data or changes in operating results versus prior periods are provided in this document.
Guidance, Outlook, and Risks
The filing does not contain management guidance, forward-looking financial outlook, or specific risk factors beyond the standard representations and warranties customary in underwriting agreements. The transaction is subject to conditions to closing as outlined in the attached Underwriting Agreement.
Investor Verification Checklist
- Verify the final closing date of the offering (expected June 20, 2016).
- Confirm the total gross proceeds from the sale of 6,200,000 units at the $25.00 liquidation preference.
- Review the attached Underwriting Agreement (Exhibit 1.1) for specific conditions to closing and indemnification obligations.
- Check subsequent filings for the actual closing of the transaction and the use of proceeds.