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KKR Likes Sun Micro
Updated from Jan. 23
Shares of Sun Microsystems (SUNW Quote) surged 7% early Wednesday after the struggling tech company scored a $700 million private placement from private equity firm Kohlberg Kravis Roberts.
Sun said the investment will take the form of $350 million of convertible senior notes due in 2012, and $350 million of convertible senior notes due 2014. The notes will be convertible, at the holder's option during specified periods, at a price of $7.21 a share.
KKR will also nominate a member to Sun's board of directors when the transaction is complete. ...
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