Through KKR, SK E&S puts $576 million’s worth of convertible preferred shares on the market.
South Korean energy company SK E&S said on Thursday that it plans to sell $576 million worth of new redeemable convertible preferred shares (RCPS) through KKR & Co (NYSE:KKR) Inc.
The deal will be KKR’s second investment in the company through the RCPS structure. In November 2021, KKR made its first investment of 2.4 trillion won in the company.
After using KKR’s initial investment to speed up its growth and change into a global provider of clean energy, SK E&S wants to get rid of its debt and take advantage of post-pandemic opportunities, KKR said in a separate statement.
Related: The $491 billion health care fund managed by KKR was tokenized on Avalanche.
SK E&S is a part of the conglomerate SK Group. It was founded in 1999 and does a variety of things, such as developing gas fields overseas, making electricity, managing district energy, and providing city gas.
It was said that KKR’s latest investment would come from one of its Asia-Pacific infrastructure funds.
($1 = 1,276.2100 won)