By Hiroko Yoneda
TOKYO (Reuters) - KKR & Co (N:KKR) is selling its first yen bond, seeking to raise around $280 million in a deal to price on Thursday, bankers close to the deal told Thomson Reuters DealWatch.
The U.S. private equity firm is selling 30 billion yen ($281.58 million) worth of five-, seven- and 20-year debt in securities targeted at Japanese investors, said the bankers. Overseas regulations will be applicable to the securities.
A KKR representative declined to comment. The bankers asked not to be identified because they are not in a position to speak to media.
The firm is likely to keep the bond proceeds in yen and wants to become a regular issuer of debt in the Japanese currency, one banker said. Bankers declined to discuss why the firm is raising money in Japan, but KKR has been expanding its Japanese operations.
Last year it bought two units from Hitachi Ltd (T:6501) in deals worth about $3 billion, as the conglomerate tries to streamline operations.
KKR bid for the chip unit of Toshiba Corp (T:6502) but lost out to a consortium led by rival Bain Capital.
Mizuho Securities and SMBC Nikko Securities Inc are managing the sale.
KKR has about $5 billion bonds outstanding, none in yen, according to Thomson Reuters data.
($1 = 106.5400 yen)