February 20, 2008 / 5:06 AM / 11 years ago

KKR arm in talks after fresh repayment delays -FT

TOKYO, Feb 20 (Reuters) - KKR Financial Holdings KFN.N, the listed affiliate of private equity group Kohlberg Kravis Roberts & Co [KKR.UL], has delayed repayment of billions of dollars of commercial paper for the second time and begun a new round of talks with creditors, the Financial Times said on Wednesday. The paper said KKR Financial Holdings said in a regulatory filing that it had begun talks with creditors and deferred repayment of a chunk of debt due last Friday.

The report dragged Asian shares lower and dragged the dollar lower against the yen, traders in Tokyo said.

KKR Financial Holdings is a leveraged investment vehicle that had borrowed in commercial paper markets to invest in home loans, the FT said.

The move follows a $270 million bail-out of the leveraged investment vehicle last September, which saw founders Henry Kravis and George Roberts personally inject cash, the newspaper said in a report on its Web site. (Reporting by Masayuki Kitano)

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