KKR & Co. Inc. has announced the launch of a $1.5 billion offering of its Series D Mandatory Convertible Preferred Stock, subject to market conditions. The offering consists of 30 million shares, each with a liquidation preference of $50.00 per share. The company has also granted underwriters a 30-day option to purchase up to an additional $225 million, or 4.5 million shares, to cover over-allotments.

KKR plans to use the net proceeds from the offering for the acquisition of additional equity interests in core private equity portfolio companies reported in its Strategic Holdings segment and for other general corporate purposes. The preferred stock will automatically convert into a variable number of common shares around March 1, 2028, unless converted earlier at the option of the holders. The conversion rates, dividend rate, and other terms will be determined at pricing.

Morgan Stanley & Co. LLC and KKR Capital Markets LLC are acting as joint book-running managers for the offering. The securities will be offered under an effective shelf registration statement on file with the SEC. Copies of the preliminary prospectus supplement and accompanying prospectus are available on the SEC’s website or by contacting Morgan Stanley or KKR Capital Markets.

This announcement is not an offer to sell or a solicitation to buy these securities in any jurisdiction where such an offer would be unlawful.