KKR enters maritime finance
Aug 20 (Reuters) - KKR & Co said it has formed a company to provide loans to the maritime industry, including offshore oilfield services and shipping companies.
KKR said the new entity, Maritime Finance Co, would aim to bridge a financing gap caused by the turmoil in the European banking industry.
Maritime Finance will be funded with $580 million in equity capital, of which 45 percent has come from KKR and its various entities.
The new entity will be headed by Helios Advisors partners Kristan Bodden and Gabriel Tolchinsky.
KKR also said it was buying a stake in RigNet Inc from investment firm Cubera, making it the company's largest shareholder.
RigNet provides communication services to oil and gas companies.
Shares of KKR were up 1 percent at $19.71 in morning trade on the New York Stock Exchange. Rignet shares rose 7 percent to $30.32 on the Nasdaq.
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