KKR Income Opportunities Fund Announces the Results of Its Rights Offering
17 Febrero 2023 - 10:06AM
Business Wire
KKR Income Opportunities Fund (NYSE: KIO) (the “Fund”)
today announced the preliminary results of its transferable rights
offering (the “Offer”). The Offer commenced on January 23,
2023 and expired on February 16, 2023 (the “Expiration
Date”). The Offer entitled the rights holders to subscribe for
up to an aggregate of 6,780,105 common shares of beneficial
interest of the Fund (“Common Shares”). The subscription
price for the Common Shares to be issued was $10.75 per Common
Share, which was determined based on a formula equal to 82% of the
Fund’s net asset value (“NAV”) per Common Share at the close
of trading on the New York Stock Exchange (“NYSE”) on the
Expiration Date which was greater than the formula of 92.5% of the
average of the last reported sales price of a Common Share on the
NYSE on the Expiration Date and each of the four (4) immediately
preceding trading days. The Offer was over-subscribed. The Common
Shares subscribed for will be issued promptly after completion and
receipt of all shareholder payments and the pro-rata allocation of
Common Shares in respect of the over-subscription privilege.
Monthly Distributions
The Fund previously announced an increase in the Fund’s monthly
distribution rate from $0.1050 per share to $0.1215 per share
beginning with the Fund’s distribution payable on March 31, 2023
with a record date of March 10, 2023. The increase in the Fund’s
monthly distribution rate from $0.1050 per share to $0.1215 per
share represents a 15.71% increase in the Fund’s monthly
distribution.
The Fund
The Fund is a diversified, closed-end management investment
company. The Fund’s primary investment objective is to seek a high
level of current income with a secondary objective of capital
appreciation. Depending on current market conditions and the Fund’s
outlook over time, the Fund seeks to achieve its investment
objectives by employing a dynamic strategy of investing in a
targeted portfolio of loans and fixed-income instruments of U.S.
and non-U.S. issuers and implementing hedging strategies in order
to seek to achieve attractive risk-adjusted returns. Under normal
market conditions, the Fund invests at least 80% of its Managed
Assets (as defined herein) in loans and fixed-income instruments or
other instruments, including derivative instruments, with similar
economic characteristics. “Managed Assets” means the total assets
of the Fund (including any assets attributable to borrowings for
investment purposes) minus the sum of the Fund’s accrued
liabilities (other than liabilities representing borrowings for
investment purposes). The Fund invests primarily in first- and
second-lien secured loans, unsecured loans and high-yield corporate
debt instruments of varying maturities, which may be rated
investment grade or below investment grade by a nationally
recognized statistical rating organization, or unrated. The Fund’s
investments in below investment grade loans, below investment grade
fixed-income instruments and debt instruments of financially
troubled companies are considered speculative with respect to the
issuer’s capacity to pay interest and repay principal, and these
investments are commonly referred to as “high yield” or “junk”
securities. Shares of closed-end funds frequently trade at a
discount to NAV. The market price of the Fund’s Common Shares is
determined by a number of factors, many of which are beyond the
control of the Fund.
The Fund’s investment adviser is KKR Credit Advisors (US) LLC
(the “Adviser”). The Adviser is a Delaware limited liability
company founded in August 2004. The Adviser, together with its
relying advisers, participating affiliates and other affiliated
entities are collectively referenced as “KKR Credit.” KKR Credit
had $504 billion in assets under management as of December 31,
2022, managed on a discretionary basis.
This document is not an offer to sell any securities and is
not soliciting an offer to buy any securities in any jurisdiction
where the offer or sale is not permitted. This document is not an
offering, which can only be made by a prospectus. Investors should
consider the Fund’s investment objectives, risks, charges and
expenses carefully before investing. The prospectus supplement and
accompanying prospectus contain this and other information about
the Fund and should be read carefully before investing. Copies of
the prospectus supplement and accompanying prospectus and other
documents the Fund has filed with the Securities and Exchange
Commission may be obtained by visiting EDGAR on the SEC’s website
at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20230217005266/en/
KKR Julia Kosygina, 212-750-8300 media@kkr.com
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