KKR & Co. Inc. has priced its upsized offering of $2.25 billion in 6.25% Series D Mandatory Convertible Preferred Stock, increasing from the previously announced $1.5 billion. The offering consists of 45 million shares at $50.00 per share, with underwriters having a 30-day option to purchase an additional $337.5 million in shares. The offering is expected to close on March 7, 2025, pending customary conditions.

The company expects net proceeds of approximately $2.2 billion (or $2.53 billion if the underwriters exercise their option fully) after deductions. KKR plans to use the funds to acquire additional equity interests in its core private equity portfolio companies within its Strategic Holdings segment and for general corporate purposes.

Each share of the mandatory convertible preferred stock will automatically convert into between 0.3312 and 0.4140 shares of KKR’s common stock on March 1, 2028, unless converted earlier. Dividends will be paid at an annual rate of 6.25%, payable quarterly beginning June 1, 2025, in cash, stock, or a combination of both. KKR has applied to list the stock on the New York Stock Exchange under the symbol "KKR PR D."

Morgan Stanley, KKR Capital Markets, Goldman Sachs, and UBS Securities are acting as joint book-running managers for the offering.