KKR Capital Markets entered into a 364-day revolving credit agreement of up to $750 million with Mizuho Bank as administrative agent.

According to the related 8-K filing, the agreement expires on June 27, 2019, and ranks pari passu with KKR’s existing $500 million credit facility. The prior revolving credit agreement between KKR and Mizuho Bank expired according to its terms on June 28, 2018.

Borrowings will be used to facilitate the settlement of debt transactions syndicated by KKR’s capital markets business. Obligations under the agreement are limited to the borrowers, which are solely entities involved in KKR’s capital markets business, while liabilities are non-recourse to other parts of KKR.

The interest rate will vary depending on the type of drawdown requested. If the borrowing is a Eurocurrency loan, it will be based on a LIBOR rate plus an applicable margin ranging between 1.25% and 2.50%, depending on the duration of the loan. If the borrowing is an ABR loan, it will be based on a base rate plus an applicable margin ranging between 0.25% and 1.50%, depending on the duration of the loan. A facility fee of 0.20% is also payable on the entire facility amount.