Tags: KKR | Moves | Closer | Initial | Offering

KKR Moves Closer to Initial Offering

Tuesday, 06 Jul 2010 09:47 AM

 

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Kohlberg Kravis Roberts & Co. is moving closer to gaining its long-sought New York Stock Exchange listing, with a filing expected as early as Tuesday which should detail compensation for top executives at the private equity firm, a source familiar with the situation said.

KKR filed with the U.S. Securities and Exchange Commission in March to list on the NYSE and trade under the symbol KKR. KKR has said the listing would allow it to have a more permanent capital base, use stock to retain and attract staff, and have a currency to use in making acquisitions.

It has made several amendments to the original filing and the last one being awaited is set to detail compensation for senior executives, such as co-chairmen and co-chief executives Henry Kravis and George Roberts.

After that is filed, the U.S. Securities and Exchange Commission needs to declare the listing registration effective, and KKR can decide when the shares will actually start trading, the source said. It is unclear the timetable for that process, as it is determined by the SEC.

The source declined to be identified because the process is not public.

New York-based KKR had been planning for two years to follow rival Blackstone Group LP in becoming a publicly traded company, but was held up by market turmoil.

KKR originally announced plans to list on the NYSE via a traditional initial public offering in July 2007, a month after Blackstone went public and just before the markets started to tumble.

It later proposed a more complex method of going public, which involved buying its Amsterdam-quoted fund KKR Private Equity Investors and becoming a Euronext-listed company.

KKR declined comment.

© 2014 Thomson/Reuters. All rights reserved.

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