KKR Financial Holdings announced that the company entered into a credit agreement with Citibank, Bank of America, Deutsche Bank AG New York Branch, Morgan Stanley Bank, Royal Bank of Canada, Societe Generale and Wells Fargo Bank for a new three-year $150 million revolving credit facility.

The facility replaces the company’s prior $250 million credit facility that was due to mature in May 2014.

Highlights of the facility are as follows:

  • The initial commitments under the facility total $150 million with the ability to obtain additional commitments to increase the total committed amount up to $350 million.

  • The facility matures in November 2015.

  • Loans under the new facility bear interest at LIBOR plus 2.25% (or, at the company’s option, a base rate plus 1.25%).

  • The new facility does not limit the percentage of the company