-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RQ49GOLHCyogA71tA7uX2gf5FWpyudFJBr9KKc9f2yRW/UH2XbKCWnM46WVgpqIB l9PX7Doexcgsq15QZUPJDQ== 0001104659-09-021584.txt : 20090331 0001104659-09-021584.hdr.sgml : 20090331 20090331114517 ACCESSION NUMBER: 0001104659-09-021584 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090331 ITEM INFORMATION: Other Events FILED AS OF DATE: 20090331 DATE AS OF CHANGE: 20090331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KKR Financial Holdings LLC CENTRAL INDEX KEY: 0001386926 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 113801844 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33437 FILM NUMBER: 09716869 BUSINESS ADDRESS: STREET 1: 555 CALIFORNIA STREET, 50TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: (415) 315-3620 MAIL ADDRESS: STREET 1: 555 CALIFORNIA STREET, 50TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 8-K 1 a09-9029_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): March 31, 2009

 

KKR FINANCIAL HOLDINGS LLC

(Exact name of registrant as specified in charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

001-33437
(Commission File Number)

 

11-3801844
(IRS Employer Identification No.)

 

550 California Street, 50th Floor
San Francisco, California

(Address of principal executive offices)

 

415-315-3620

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

ITEM 8.01.            Other Events.

 

On March 31, 2009, KKR Financial Holdings LLC (the “Company”) announced that it had completed the restructuring of its market value collateralized loan obligation transaction, Wayzata Funding LLC (“Wayzata”).  As a result of the restructuring, substantially all of Wayzata’s assets have been transferred to KKR Financial CLO 2009-1, Ltd., a newly formed special purpose company organized in the Cayman Islands (the “CLO”), which has issued $560,790,000 aggregate principal amount of Class A Senior Secured Notes due April 2017 (the “Class A Notes”) and $154,299,869 aggregate principal amount of Subordinated Notes due April 2017 (the “Subordinated Notes,” and together with the Class A Notes, the “Notes”), to the existing Wayzata note holders, in exchange for cancellation of the Wayzata notes, due November 2012, previously held by each of them.  The CLO has been structured as a cash flow transaction and does not contain the market value provisions contained in Wayzata. The portfolio manager of the CLO is an affiliate of the Company’s investment manager.  The Notes are secured by the same collateral that secured the Wayzata facility, consisting primarily of senior secured leveraged loans with a weighted average life of approximately 5.1 years.  As was the case with Wayzata, the Company and an affiliate currently own all of the Subordinated Notes issued by the CLO.  The Subordinated Notes entitle the Company to receive a pro rata portion of all excess cash flows from the portfolio after all senior obligations of the CLO have been paid in full or otherwise satisfied, including all outstanding principal of the Class A Notes and interest thereon accruing at a rate of 3-month LIBOR plus 4.25%.  If the CLO fails to satisfy a leverage requirement that will be tested in 2011, any excess cash flows from the portfolio that would otherwise be payable on the Subordinated Notes upon repayment in full of the Class A Notes will be reduced by the amount of an additional payment to the Class A Notes over and above the interest and principal then due on the Class A Notes.

 

The Company also announced that it was notified by the New York Stock Exchange (“NYSE”) that, based upon the modified listing standards adopted by the NYSE on February 26, 2009, the Company has regained compliance with the NYSE’s continued listing standard requiring a minimum average closing price of at least $1.00 per share over 30 consecutive trading days.  As previously disclosed, the Company was notified by the NYSE in December 2008 that it had fallen below the NYSE’s continued listing standard relating to the Company’s closing share price.  No assurance can be made that the Company will continue to meet these requirements.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

KKR FINANCIAL HOLDINGS LLC

 

 

 

(Registrant)

 

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey B. Van Horn

Date:

March 31, 2009

 

Jeffrey B. Van Horn

 

 

Chief Financial Officer

 

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