KKR Financial Holdings (KFN) said that its board of directors has declared a regular cash distribution of $0.05 per common share. The cash distribution will be payable on December 21, 2009 to holders of the its common shares of record as of the close of business on December 7, 2009.
Also, the company also reported that it has reached deal with a majority of the holders of the controlling class of notes of KKR Financial CLO 2005-2, Ltd., pursuant to which the note holders have agreed, subject to the terms and conditions of the agreement, not to challenge the July 2009 surrender for cancellation, without consideration, of $64 million of mezzanine notes issued to the company by CLO 2005-2. In exchange, KKR Financial has agreed to certain arrangements, including, among other things, to refrain from undertaking a comparable surrender for cancellation of any other mezzanine notes or junior notes issued to it by CLO 2005-2. In addition, KKR Financial has agreed with these note holders that, for so long as no challenge is brought to the company's prior surrender of notes in any of its collateralized loan obligation transactions, the company will not undertake a comparable surrender for cancellation, without consideration, of any mezzanine notes or junior notes issued to it by KKR Financial CLO 2005-1, Ltd., KKR Financial CLO 2006-1, Ltd., KKR Financial CLO 2007-1, Ltd. or KKR Financial 2007-A, Ltd.
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