NEW YORK--(BUSINESS WIRE)--
KKR Real Estate Finance Trust Inc. (NYSE: KREF) today announced the
Company closed KREF 2018-FL1 Ltd., a $1.0 billion managed Commercial
Real Estate Collateralized Loan Obligation (“CRE CLO”) on November 28,
2018. The CRE CLO finances pari passu participation interests in 24 of
KREF’s portfolio loans and provides KREF with match-term financing on a
non-mark-to-market and non-recourse basis. The CRE CLO features a
two-year reinvestment period with an 81% advance rate at a weighted
average running cost of capital of L+1.36% (before amortized costs).
Chris Lee and Matt Salem, Co-Chief Executive Officers of KREF, stated:
“The closing of our inaugural CLO transaction represents an important
franchise building milestone for KREF and an important step in
diversifying our financing sources and increasing our total
non-mark-to-market financing capacity. The scale and quality of our loan
portfolio positioned us to execute this market leading financing at an
attractive cost of capital.”
Wells Fargo Securities, KKR Capital Markets LLC, Morgan Stanley & Co.
LLC and Goldman Sachs & Co. LLC served as co-lead managers and joint
bookrunners.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About KREF
KKR Real Estate Finance Trust Inc. (NYSE:KREF) is a real estate finance
company that focuses primarily on originating and acquiring senior loans
secured by commercial real estate properties. KREF is externally managed
and advised by an affiliate of KKR & Co. Inc. For additional information
about KREF, please visit KREF’s website at www.kkrreit.com.
Forward-Looking Statements
This release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
reflect the Company’s current views with respect to, among other things,
its future operations and financial performance. The forward-looking
statements are based on the Company’s beliefs, assumptions and
expectations, taking into account all information currently available to
it. These beliefs, assumptions and expectations can change as a result
of many possible events or factors, not all of which are known to the
Company or are within its control, including those described under the
section entitled "Risk Factors" in KREF’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2017, accessible on the SEC’s website
at www.sec.gov.
Accordingly, actual outcomes or results may differ materially from those
indicated in this release. All forward looking statements in this
release speak only as of the date of this release. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181129005762/en/
MEDIA:
Kristi Huller or Cara Major
212-750-8300
[email protected]
INVESTOR RELATIONS:
Sasha Hamilton
212-401-0447
[email protected]
Source: KKR Real Estate Finance Trust Inc.
