04:00 AM EST, 03/05/2025 (MT Newswires) -- KKR (KKR) said late Tuesday that it has priced 45 million shares or $2.25 billion worth of its 6.25% Series D mandatory convertible preferred stock at $50.00 per share.

The offering was upsized from a previously announced size of 30 million shares or $1.50 billion worth of convertible stock, the company said.

The company also said it granted underwriters a 30-day option to purchase up to 6.8 million additional shares or $337.50 million worth of the mandatory convertible preferred stock.

The offering is expected to close on Friday.

Each share of mandatory convertible preferred stock will automatically convert on March 1, 2028, into between 0.3312 and 0.4140 shares of KKR stock, the company said.

Net proceeds of about $2.20 billion are to be used for the acquisition of additional equity interests in core private equity portfolio companies and for other general corporate purposes, the company said.