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SK E&S issues convertible preferred shares worth $576 million through KKR

Published 12/22/2022, 02:30 AM
Updated 12/22/2022, 02:36 AM
© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
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SEOUL (Reuters) - South Korean energy company SK E&S said on Thursday it plans to issue new redeemable convertible preferred shares (RCPS) worth 735 billion won ($576 million) through global investment firm KKR & Co (NYSE:KKR) Inc.

The transaction will be KKR's second investment in the company via the RCPS structure, following an initial 2.4 trillion won investment in November 2021.

SK E&S is looking to de-leverage and capture post-pandemic opportunities after using KKR's initial investment to accelerate its growth and transformation into a global clean energy provider, KKR said in a separate statement.

Established in 1999, SK E&S, a unit of conglomerate SK Group, engages in a range of businesses, including overseas gas field development, power generation, district energy, and city gas.

© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

KKR's latest investment will be from its infrastructure-focused funds in Asia Pacific, it said.

($1 = 1,276.2100 won)

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