Wordsmiths

Careful readers will find one big change in the new version of Kohlberg Kravis Roberts’ prospectus: its view on the debt markets. KKR has stripped a 175-word dissertation out of the original offering document, which it filed in early July before the credit markets soured. The passage trumpeted the then-low cost of funding and robust demand for high-yield debt as a boon for private equity. By contrast, the prospectus now says that the cost of financing deals has «recently increased significantly»...