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Dec 8 2010 | 8:04am ET
KKR Financial Holdings, an independent financial firm managed by a subsidiary of private equity giant Kohlberg Kravis Roberts, will sell 18 million common shares in an underwritten public offering.
KKR Financial has granted the underwriter, Morgan Stanley, a 30-day option to purchase up to 2.7 million additional common shares. The company will use the net proceeds of the offering to acquire assets in line with its business strategy and for general corporate purposes. The offer is expected to close on Dec. 13, 2010.
Shares in the specialty finance company, which invests in financial assets, chiefly below investment grade corporate debt, fell to $9.20 in aftermarket trading after adding 10 cents to $9.48 during the regular session on Dec. 7.