WMI Holding Corp., fka Washington Mutual Inc, provider of financial services to individuals and small businesses, today announced that KKR & Co. L.P. has entered into a conditional commitment letter to make a strategic investment in the company.
WMI holding Corp. has major business chunk though WM Reinsurance Company, Inc. domiciled in Hawaii. Apart from this company provides financial services consisting of mortgage banking, consumer banking , commercial banking and consumer finance to individuals and small and mid sized businesses.
KKR & Co. L.P. is a leading global investment firm with $90.2 billion in AUM as of September 30, 2013. KKR seeks to create value through operational excellence in its portfolio companies.
As per this agreement, KKR has agreed to purchase $10.55 million worth of convertible securities at price per share of $1.10. Apart from this KKR has also committed to purchase additional subordinated 7.5% PIK notes worth principal amount $150 million. Apart from this KKR would have the right to partcipate upto 50% of equity offering capped at $1 billion. KKR will provide deep opportunity to WMI with its deep experience across different asset classes.
Blackstone Advisory Partners L.P. are the advisor for the company for this transaction and strategic investment.
WMI holding Corp. has major business chunk though WM Reinsurance Company, Inc. domiciled in Hawaii. Apart from this company provides financial services consisting of mortgage banking, consumer banking , commercial banking and consumer finance to individuals and small and mid sized businesses.
KKR & Co. L.P. is a leading global investment firm with $90.2 billion in AUM as of September 30, 2013. KKR seeks to create value through operational excellence in its portfolio companies.
As per this agreement, KKR has agreed to purchase $10.55 million worth of convertible securities at price per share of $1.10. Apart from this KKR has also committed to purchase additional subordinated 7.5% PIK notes worth principal amount $150 million. Apart from this KKR would have the right to partcipate upto 50% of equity offering capped at $1 billion. KKR will provide deep opportunity to WMI with its deep experience across different asset classes.
Blackstone Advisory Partners L.P. are the advisor for the company for this transaction and strategic investment.
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