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KKR Financial gets $400 million in new credit facilities
By Sara Rosenberg
New York, Nov. 12 - KKR Financial Holdings LLC closed on a new $300 million two-year senior secured asset-based revolving credit facility and a $100 million two-year standby unsecured revolver, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
Pricing on the asset-based revolver is Libor plus 300 basis points and the standby revolver is priced at Libor plus 1,500 bps.
Covenants under the asset-based revolver include a net worth financial test and a leverage ratio.
Bank of America and Citigroup acted as the arrangers on the asset-based revolver, and KKR Financial Advisors LLC and Kohlberg Kravis Roberts & Co. LLC provided the standby facility.
Both revolvers were completed on Nov. 10.
KKR is a specialty finance company.
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