KKR
KKR is a global investment firm headquartered in New York that provides alternative asset management, capital markets and insurance services. Founded in 1976 by Henry Kravis, George Roberts and Jerome Kohlberg, it manages strategies across private equity, credit, infrastructure and real estate for institutional and individual investors. Its Global Atlantic business provides retirement and life insurance solutions.
Key facts
| Legal Name | KKR & Co. Inc. |
|---|---|
| Company Operating Status | Active |
| Legal Entity Identifier | K3NEK11EF7N3JVJE7V46 |
| Wellfound ID | kkr |
| Wikidata ID | Q1570773 |
Capital structure
$3.0bn total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| Revolving Credit Facility · Senior Unsecured | Base Rate + Applicable Margin or Term SOFR + Applicable Margin ( | — | USD 3.0bn | source ↗ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| Debt to Total Capitalization Ratio · Financial Maintenance | Maximum 35% as of the end of any Fiscal Quarter | source ↗ | |
| Lien Restriction – No Liens on Insurance Subsidiary Capital Stock · Negative Covenant | No Credit Party or Material Subsidiary may create, assume, incur or suffer to exist any Lien on Capital Stock of an Insurance Subsidiary that is a Material Subsidiary | source ↗ | |
| Annual Financial Statements · Reporting Covenant | Delivery within 135 days after end of each Fiscal Year | source ↗ | |
| Quarterly Financial Statements · Reporting Covenant | Delivery within 60 days after end of each of first three Fiscal Quarters | source ↗ | |
| Change of Control Trigger · Event of Default | Acquisition of 35% or more of Voting Stock by non-Permitted Holders (post-IPO); or pre-IPO Permitted Holders cease to own 50.1% of GALD; or Holdings ceases to own 100% of Finco or any Borrower; or change of control under other debt instruments exceeding $250,000,000 | tight 35% vs event of default median 40% (n=25) | source ↗ |
| Cash Management Obligations Lien Basket · Negative Covenant | Liens securing Cash Management Obligations not to exceed $30,000,000 in aggregate | tight $30m vs basket median $300m (n=49) | source ↗ |
| Lien Restriction – General Basket · Negative Covenant | Aggregate Indebtedness secured by Liens under general basket not to exceed the greater of $450,000,000 and 10% of Net Worth of Holdings and its consolidated Restricted Subsidiaries | tight 10% vs basket median 20% (n=122) | source ↗ |
| Holdings Net Worth · Financial Maintenance | Minimum Net Worth equal to 70% of Net Worth of GALD and its consolidated Restricted Subsidiaries as of December 31, 2023, plus 50% of aggregate Net Income since December 31, 2023 (to the extent positive) | loose 70% vs financial maintenance median 10% (n=26) | source ↗ |
| Indebtedness of Non-Guarantor Restricted Subsidiaries · Negative Covenant | Non-Credit Party Restricted Subsidiaries (other than Insurance Subsidiaries) may not incur Indebtedness in aggregate principal amount in excess of $250,000,000 | market $250m vs negative covenant median $137.5m (n=56) | source ↗ |
| Capitalized Lease Liabilities and Purchase Money Debt Lien Basket · Negative Covenant | Aggregate principal amount of Indebtedness secured by Liens for Capitalized Lease Liabilities or Purchase Money Debt not to exceed $75,000,000 | tight $75m vs basket median $300m (n=49) | source ↗ |
Contact details
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