KKR & Co. Inc. Announces Issuance of 6.25% Series D Mandatory Convertible Preferred Stock

Summary

On March 4, 2025, KKR & Co. Inc. announced the issuance of 51,750,000 shares of its 6.25% Series D Mandatory Convertible Preferred Stock, totaling $2.5875 billion in aggregate liquidation preference. The issuance, which included an over-allotment option, was part of a previously announced underwritten public offering. The Mandatory Convertible Preferred Stock will convert into Common Stock at a ratio determined by the average volume weighted average price over a 20-day period before March 1, 2028. Dividends on the preferred stock will be payable quarterly from June 1, 2025, until March 1, 2028, at an annual rate of 6.25%. The offering was managed by Morgan Stanley & Co. LLC and KKR Capital Markets LLC, with net proceeds of approximately $2.53 billion after underwriting discounts and estimated offering expenses.