11:01 AM EST, 03/04/2025 (MT Newswires) -- KKR (KKR) shares were down more than 8% in recent Tuesday trading after the company said it plans to sell 30 million Series D mandatory convertible preferred shares in a public offering.

Underwriters have a 30-day overallotment option to purchase up to an additional 4.5 million shares, KKR said.

Net proceeds will be used to acquire more equity interests in core private equity portfolio companies and fund general corporate needs, the company said.

Each preferred share will automatically convert into common stock on the second business day after the settlement period; however, holders can choose to convert before March 1, 2028, at the minimum conversion rate, it added.

There is currently no public market for this preferred stock, but the company plans to list it on the NYSE under "KKR PR D," with trading expected to start within 30 days of issuance, according to the company.

Price: 121.41, Change: -11.60, Percent Change: -8.72