KKR Group Finance (untraded) has announced that they will be selling a new issue of subordinated notes with a maturity date in 2061.
KKR Group Finance is an indirect finance division of KKR & Co (KKR).
KKR intends to use the proceeds to redeem some or all of the KKR-A 6.75% and KKR-B 6.50% preferred stock issues which are outstanding–neither issue is yet redeemable, but will be in the coming months.
Given the strong credit rating of KKR we can expect a low coupon on the new issue.
J was on this early in the Reader Initiated Alerts section.