NEW YORK (Reuters) – KKR Financial Holdings LLC (KFN.N) withdrew on Wednesday its plan to sell additional common shares, just two days after it said it was seeking to raise money for acquisitions through the offering.
KKR Financial Holdings, a specialty finance company managed by private equity firm Kohlberg Kravis Roberts & Co, said on Monday it would sell 25 million common shares.
But in a statement on Wednesday, the company said it was canceling its plans, citing “current unfavorable market conditions due to the recent volatility of global equity markets.”
KKR Financial had not given an estimated price range for the offering.
Bank of America Merrill Lynch, Citi, Deutsche Bank Securities, KKR Capital Markets LLC and Morgan Stanley were operating as joint book runners on the offering. (Reporting by Phil Wahba; editing by Carol Bishopric)