SK E&S issues convertible preferred shares worth $576 million through KKR
Reuters
Published Dec 22, 2022 02:30AM ET
SEOUL (Reuters) - South Korean energy company SK E&S said on Thursday it plans to issue new redeemable convertible preferred shares (RCPS) worth 735 billion won ($576 million) through global investment firm KKR & Co (NYSE:KKR) Inc.
The transaction will be KKR's second investment in the company via the RCPS structure, following an initial 2.4 trillion won investment in November 2021.
SK E&S is looking to de-leverage and capture post-pandemic opportunities after using KKR's initial investment to accelerate its growth and transformation into a global clean energy provider, KKR said in a separate statement.
Established in 1999, SK E&S, a unit of conglomerate SK Group, engages in a range of businesses, including overseas gas field development, power generation, district energy, and city gas.
KKR's latest investment will be from its infrastructure-focused funds in Asia Pacific, it said.
($1 = 1,276.2100 won)
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Written By: Reuters
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