|Bid||36.03 x 800|
|Ask||36.85 x 1300|
|Day's Range||36.63 - 37.17|
|52 Week Range||15.55 - 37.17|
|Beta (5Y Monthly)||1.58|
|PE Ratio (TTM)||124.61|
|Earnings Date||Oct 27, 2020 - Nov 02, 2020|
|Forward Dividend & Yield||0.54 (1.46%)|
|Ex-Dividend Date||Aug 14, 2020|
|1y Target Est||40.61|
(Bloomberg) -- The $850 billion private credit market is slowly coming back to life following an abrupt pause due to the Covid-19 pandemic, according to KKR & Co.’s co-head of private credit Daniel Pietrzak.“We are starting to see a pickup in volume,” Pietrzak said in a phone interview. Though merger and acquisition deals are down compared to a year earlier, some private equity owners are exploring add-on acquisitions for their portfolio companies, allowing for the firm to provide additional loans for existing borrowers, he said.“We also continue to see opportunity in private credit that is not in corporates, more asset-based finance,” Pietrzak said. “Post economic challenges, a lot of things can be interesting there.”Pietrzak’s group, which is part of KKR’s $72 billion credit business, is being picky about new deals given unknowns as the coronavirus continues to spread.“Our outlook on risk is cautious,” he said. “We are very open for business looking at new loans and prepared to deploy capital, but there are a lot of variables that are going to work through the system.”One unknown is how middle-market borrowers will fare in the midst of pandemic-related shutdowns and steep drops in revenue for many industries.“The numbers that we’ve seen out of companies have actually been pretty good, but we’re trying to see if those numbers are just capturing pent up demand or are they sustainable?” Pietrzak said. “How will the consumer react? We have a lot of different things to think about.”The pandemic, the U.S. presidential election and U.S.-China relations are some of the top concerns for the private credit market going forward, Pietrzak said. The next few quarters and years will likely provide more clarity on default rates, which have already been on the rise for smaller borrowers, according to data from law firm Proskauer Rose LLP.“There will be a continued trend toward economic stability and recovery but probably with some road bumps along the way,” he said. “I think it will be a bumpy and volatile second half of the year.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
KKR & Co. Inc. ("KKR") (NYSE: KKR) today announced that it has commenced an offering of $750.0 million (15,000,000 shares) of its Series C Mandatory Convertible Preferred Stock, par value $0.01 per share (the "mandatory convertible preferred stock"), subject to market and other conditions (the "offering"). KKR expects to grant the underwriters a 30-day option to purchase up to an additional $112.5 million (2,250,000 shares) of mandatory convertible preferred stock; solely to cover over-allotments.
(Bloomberg) -- KKR & Co. is betting on Brooklyn apartments as the pandemic rattles the housing market in New York City.The New York-based alternative asset manager is in contract to purchase a portfolio of newly developed rental buildings in Brooklyn from Bruman Realty in a deal that’s worth about $860 million including debt, according to people familiar with the matter.KKR is partnering with apartment operator Dalan Management on the deal and will provide the bulk of the equity, the people said, asking not to be named because the matter is private.Representatives for KKR and Bruman declined to comment. Dalan didn’t immediately respond to a request for comment.New York, L.A. Nightlife Lockdowns Sending Renters to SuburbsThe deal would be one of the biggest commercial real estate acquisitions in New York this year. The market has largely been frozen as the pandemic roils the economy. Second-quarter apartment transactions dropped 70% in the U.S. from last year, according to Real Capital Analytics.Rental apartments have historically been considered recession-proof, performing well in times of economic turbulence as more people are priced out of owning homes. That thesis could best tested in the Covid-19 era with high unemployment and a sluggish recovery landing hard on renters.NYC Rental Market Pushed to Breaking Point by Tenant DebtsNew York’s rental market has taken a hit as younger residents, no longer tethered to offices, move back with parents and thousands of people flee the city for more space. Record low mortgage rates have fueled a surge in demand for homes, with potential buyers looking to the suburbs for properties with extra space for offices and remote learning.In June, Manhattan saw the highest apartment-vacancy rate in nearly 14 years of record, according to appraiser Miller Samuel Inc. and broker Douglas Elliman Real Estate. That helped drive rents down.Brooklyn’s rents, meanwhile, rose slightly while listings surged.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.