We represented WMIH Corp. (WMIH) in connection with a strategic investment by KKR Management Holdings L.P. and KKR Fund Holdings L.P., subsidiaries of KKR & Co. L.P. (together with its affiliates, “KKR”). KKR (i) purchased approximately $11M face amount of WMIH's convertible preferred stock; (ii) committed to purchase up to $150M aggregate principal amount of subordinated 7.5 percent PIK notes, which may be issued in one or more tranches over a three-year period, subject to certain terms and conditions; and (iii) received 61.4M shares of WMIH's common stock, 30.7M of which have an exercise price of $1.32 per share and 30.7M of which have an exercise price of $1.43 per share. All of the proceeds from the subordinated notes, if and when issued, would be used by WMIH to fund future acquisitions.
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