[SCHEDULE 13D/A] Henry Schein Inc SEC Filing
KKR and affiliated funds report beneficial ownership of 15,709,380 shares of Henry Schein common stock, equating to approximately 13.0% of the 121,268,398 shares outstanding. The filing discloses derivative transactions: a June total return swap covering 57,348 notional shares at a notional price of $71.07 and an August total return swap with Nomura referencing 1,874,538 shares for which KKR elected physical settlement. KKR states it may acquire additional shares up to a 14.9% equity stake under a Partnership Agreement. The filing also clarifies that referenced swaps do not confer voting or disposition rights until settlement.
KKR e fondi affiliati dichiarano la titolarit脿 effettiva di 15,709,380 azioni ordinarie di Henry Schein, pari a circa il 13.0% delle 121,268,398 azioni in circolazione. La comunicazione rivela operazioni su derivati: uno swap di rendimento totale a giugno riferito a 57,348 azioni nozionali a un prezzo nozionale di $71.07 e uno swap di rendimento totale ad agosto con Nomura relativo a 1,874,538 azioni per il quale KKR ha optato per il regolamento fisico. KKR dichiara di poter acquisire ulteriori azioni fino a una partecipazione azionaria del 14.9 ai sensi di un accordo di partnership. Il documento precisa inoltre che gli swap citati non conferiscono diritti di voto n茅 di disposizione fino al regolamento.
KKR y fondos afiliados informan la propiedad beneficiaria de 15,709,380 acciones ordinarias de Henry Schein, lo que equivale aproximadamente al 13.0% de las 121,268,398 acciones en circulaci贸n. La presentaci贸n revela transacciones con derivados: un swap de retorno total en junio que cubre 57,348 acciones nocionales a un precio nocional de $71.07 y un swap de retorno total en agosto con Nomura que referencia 1,874,538 acciones, para el cual KKR eligi贸 la liquidaci贸n f铆sica. KKR indica que podr铆a adquirir acciones adicionales hasta una participaci贸n del 14.9% en virtud de un acuerdo de asociaci贸n. La presentaci贸n aclara adem谩s que los swaps mencionados no otorgan derechos de voto ni de disposici贸n hasta su liquidaci贸n.
KKR 氚� 瓿勳棿 韼霌滊姅 Henry Schein 氤错喌欤� 15,709,380欤检棎 雽頃� 鞁れ鞝� 靻岇湢甓岇潉 鞁犼碃頄堨溂氅�, 鞚措姅 鞙犿喌欤检嫕 121,268,398欤检潣 鞎� 13.0%鞐� 頃措嫻頃╇媹雼�. 鞝滌稖靹滊電� 韺岇儩靸來拡 瓯半灅毳� 瓿店皽頃橁碃 鞛堨姷雼堧嫟: 57,348欤� 氇呺鞚� 齑濎垬鞚奠姢鞕�(韱犿儓 毽劥 鞀れ檻)鞚� 6鞗旍棎 觳搓舶霅橃棃瓿� 氇呺 臧瓴╈潃 $71.07鞚措┌, 8鞗旍棎電� Nomura鞕鞚� 齑濎垬鞚奠姢鞕戩澊 1,874,538欤茧ゼ 旮办鞙茧 觳搓舶霅橃棃瓿� KKR鞚 順勲 瓴办牅(欤检嫕 鞚鸽弰)毳� 靹犿儩頄堨姷雼堧嫟. KKR鞚 韺岉姼雱堨嫮 瓿勳暯鞐� 霐半澕 斓滊寑 14.9%旯岇 於旉皜搿� 欤检嫕鞚� 旆摑頃� 靾� 鞛堧嫟瓿� 氚濏様鞀惦媹雼�. 鞝滌稖靹滊電� 霕愴暅 鞏戈笁霅� 鞀れ檻鞚� 瓴办牅 鞁滌爯旯岇 鞚橁舶甓岇澊雮� 觳橂秳甓岇潉 攵鞐晿歆 鞎婋姅雼り碃 氇呿檿頌� 頃橁碃 鞛堨姷雼堧嫟.
KKR et des fonds affili茅s d茅clarent d茅tenir utilement 15,709,380 actions ordinaires d'Henry Schein, soit environ 13.0% des 121,268,398 actions en circulation. Le d茅p么t r茅v猫le des op茅rations sur d茅riv茅s : un total return swap en juin couvrant 57,348 actions notionnelles 脿 un prix notionnel de 71,07 $ et un total return swap en ao没t avec Nomura portant sur 1,874,538 actions pour lequel KKR a opt茅 pour un r猫glement en titres. KKR indique qu'il pourrait acqu茅rir des actions suppl茅mentaires jusqu'脿 une participation de 14.9% en vertu d'un accord de partenariat. Le d茅p么t pr茅cise 茅galement que les swaps mentionn茅s ne conf猫rent pas de droits de vote ni de disposition avant leur r猫glement.
KKR und verbundene Fonds geben an, wirtschaftlich an 15,709,380 Aktien der Stammaktien von Henry Schein beteiligt zu sein, was etwa 13.0% der 121,268,398 ausstehenden Aktien entspricht. Die Meldung legt Derivatgesch盲fte offen: einen Total-Return-Swap im Juni auf 57,348 Nennaktien zu einem Nennpreis von $71.07 und einen Total-Return-Swap im August mit Nomura, der 1,874,538 Aktien beziffert und f眉r den KKR die physische Abwicklung gew盲hlt hat. KKR erkl盲rt, dass es im Rahmen einer Partnerschaftsvereinbarung weitere Aktien bis zu einer Beteiligung von 14.9% erwerben k枚nne. Die Meldung stellt au脽erdem klar, dass die genannten Swaps bis zur Abwicklung keine Stimm- oder Verf眉gungsrechte 眉bertragen.
- Material economic interest: Aggregate beneficial ownership of 15,709,380 shares (~13.0%) of Henry Schein common stock.
- Path to increased ownership: Partnership Agreement permits purchases up to a 14.9% equity stake.
- Physical-settlement swap disclosed: August swap with Nomura references 1,874,538 shares and was elected to settle in physical shares.
- Derivative exposure: Significant portion of incremental exposure is through swaps that do not confer voting or disposition rights until settlement.
- Counterparty and settlement risk: Economic position and eventual share delivery depend on swap terms and counterparties (e.g., Nomura).
Insights
TL;DR: KKR holds a material 13.0% economic stake in Henry Schein, backed by sizable swap positions that could convert into physical shares.
KKR and affiliated reporting persons report aggregate beneficial ownership of 15,709,380 shares, based on 121,268,398 outstanding shares, representing ~13.0% of the issuer. The filing discloses two swap-related transactions: a June swap (57,348 notional shares at $71.07) and an August swap with Nomura referencing 1,874,538 shares with an irrevocable election for physical settlement. These derivatives increase KKR's economic exposure and create a pathway to actual share delivery, which would affect ownership metrics upon settlement.
TL;DR: The mix of direct holdings and large physical-settlement swaps is governance-relevant and materially increases KKR's potential influence.
The filing shows direct holdings (15,321,010 by KKR Hawaii Aggregator L.P. and 388,370 by MH Sub I, LLC) and aggregated reporting person control of 15,709,380 shares. The August swap referencing 1,874,538 shares is structured for physical settlement, meaning KKR could receive issued shares at settlement subject to swap terms. The document explicitly notes swaps do not convey voting or disposition power prior to settlement and disclaims that certain affiliated individuals are beneficial owners despite potential attribution. The disclosures are materially relevant for investor assessment of ownership concentration and future changes in voting power.
KKR e fondi affiliati dichiarano la titolarit脿 effettiva di 15,709,380 azioni ordinarie di Henry Schein, pari a circa il 13.0% delle 121,268,398 azioni in circolazione. La comunicazione rivela operazioni su derivati: uno swap di rendimento totale a giugno riferito a 57,348 azioni nozionali a un prezzo nozionale di $71.07 e uno swap di rendimento totale ad agosto con Nomura relativo a 1,874,538 azioni per il quale KKR ha optato per il regolamento fisico. KKR dichiara di poter acquisire ulteriori azioni fino a una partecipazione azionaria del 14.9 ai sensi di un accordo di partnership. Il documento precisa inoltre che gli swap citati non conferiscono diritti di voto n茅 di disposizione fino al regolamento.
KKR y fondos afiliados informan la propiedad beneficiaria de 15,709,380 acciones ordinarias de Henry Schein, lo que equivale aproximadamente al 13.0% de las 121,268,398 acciones en circulaci贸n. La presentaci贸n revela transacciones con derivados: un swap de retorno total en junio que cubre 57,348 acciones nocionales a un precio nocional de $71.07 y un swap de retorno total en agosto con Nomura que referencia 1,874,538 acciones, para el cual KKR eligi贸 la liquidaci贸n f铆sica. KKR indica que podr铆a adquirir acciones adicionales hasta una participaci贸n del 14.9% en virtud de un acuerdo de asociaci贸n. La presentaci贸n aclara adem谩s que los swaps mencionados no otorgan derechos de voto ni de disposici贸n hasta su liquidaci贸n.
KKR 氚� 瓿勳棿 韼霌滊姅 Henry Schein 氤错喌欤� 15,709,380欤检棎 雽頃� 鞁れ鞝� 靻岇湢甓岇潉 鞁犼碃頄堨溂氅�, 鞚措姅 鞙犿喌欤检嫕 121,268,398欤检潣 鞎� 13.0%鞐� 頃措嫻頃╇媹雼�. 鞝滌稖靹滊電� 韺岇儩靸來拡 瓯半灅毳� 瓿店皽頃橁碃 鞛堨姷雼堧嫟: 57,348欤� 氇呺鞚� 齑濎垬鞚奠姢鞕�(韱犿儓 毽劥 鞀れ檻)鞚� 6鞗旍棎 觳搓舶霅橃棃瓿� 氇呺 臧瓴╈潃 $71.07鞚措┌, 8鞗旍棎電� Nomura鞕鞚� 齑濎垬鞚奠姢鞕戩澊 1,874,538欤茧ゼ 旮办鞙茧 觳搓舶霅橃棃瓿� KKR鞚 順勲 瓴办牅(欤检嫕 鞚鸽弰)毳� 靹犿儩頄堨姷雼堧嫟. KKR鞚 韺岉姼雱堨嫮 瓿勳暯鞐� 霐半澕 斓滊寑 14.9%旯岇 於旉皜搿� 欤检嫕鞚� 旆摑頃� 靾� 鞛堧嫟瓿� 氚濏様鞀惦媹雼�. 鞝滌稖靹滊電� 霕愴暅 鞏戈笁霅� 鞀れ檻鞚� 瓴办牅 鞁滌爯旯岇 鞚橁舶甓岇澊雮� 觳橂秳甓岇潉 攵鞐晿歆 鞎婋姅雼り碃 氇呿檿頌� 頃橁碃 鞛堨姷雼堧嫟.
KKR et des fonds affili茅s d茅clarent d茅tenir utilement 15,709,380 actions ordinaires d'Henry Schein, soit environ 13.0% des 121,268,398 actions en circulation. Le d茅p么t r茅v猫le des op茅rations sur d茅riv茅s : un total return swap en juin couvrant 57,348 actions notionnelles 脿 un prix notionnel de 71,07 $ et un total return swap en ao没t avec Nomura portant sur 1,874,538 actions pour lequel KKR a opt茅 pour un r猫glement en titres. KKR indique qu'il pourrait acqu茅rir des actions suppl茅mentaires jusqu'脿 une participation de 14.9% en vertu d'un accord de partenariat. Le d茅p么t pr茅cise 茅galement que les swaps mentionn茅s ne conf猫rent pas de droits de vote ni de disposition avant leur r猫glement.
KKR und verbundene Fonds geben an, wirtschaftlich an 15,709,380 Aktien der Stammaktien von Henry Schein beteiligt zu sein, was etwa 13.0% der 121,268,398 ausstehenden Aktien entspricht. Die Meldung legt Derivatgesch盲fte offen: einen Total-Return-Swap im Juni auf 57,348 Nennaktien zu einem Nennpreis von $71.07 und einen Total-Return-Swap im August mit Nomura, der 1,874,538 Aktien beziffert und f眉r den KKR die physische Abwicklung gew盲hlt hat. KKR erkl盲rt, dass es im Rahmen einer Partnerschaftsvereinbarung weitere Aktien bis zu einer Beteiligung von 14.9% erwerben k枚nne. Die Meldung stellt au脽erdem klar, dass die genannten Swaps bis zur Abwicklung keine Stimm- oder Verf眉gungsrechte 眉bertragen.