Welcome to our dedicated page for FS KKR Capital news (Ticker: FSK), a resource for investors and traders seeking the latest updates and insights on FS KKR Capital stock.
FS KKR Capital Corp. (NYSE: FSK) is a prominent business development company (BDC) in the United States, specializing in providing customized credit solutions to private middle market U.S. companies. The company primarily invests in senior secured loans and second lien secured loans, with a focus on companies boasting an annual EBITDA of at least $50 million at the time of investment.
Core Business
FSK's core business revolves around offering financial solutions to private upper middle-market companies through senior secured debt and, to a lesser extent, subordinated debt and asset-based financing loans. This approach helps bridge the gap for companies needing tailored financial support to fuel their growth and operational needs.
Recent Achievements
- FSK announced plans to release its third quarter 2023 results on November 6, 2023, followed by a conference call on November 7, 2023, to discuss the results.
- On November 6, 2023, FSK declared a fourth quarter 2023 distribution of $0.70 per share, complemented by a special distribution, totaling $0.75 per share.
- FSK completed a $400 million offering of 7.875% unsecured notes due 2029 on November 21, 2023.
- For the first quarter of 2024, FSK declared a distribution of $0.70 per share, along with a special distribution, bringing it to $0.75 per share.
- In June 2024, FSK completed a $600 million offering of 6.875% unsecured notes due 2029.
Financial Condition and Partnerships
FSK is advised by FS/KKR Advisor, LLC, a partnership between FS Investments and KKR Credit. FS Investments manages over $79 billion in assets across a range of clients, including institutional investors, financial professionals, and individual investors. KKR Credit is a subsidiary of KKR & Co. Inc., a global investment firm managing diverse alternative asset classes.
Current Projects
FSK continually engages in financial activities to support its growth and investor returns. Upcoming projects include releasing their fourth quarter and full year 2023 results on February 26, 2024, along with a conference call to discuss these results on February 27, 2024. Additionally, FSK has scheduled the release of their first quarter 2024 results on May 8, 2024, with a conference call on May 9, 2024.
Products
FSK offers various credit products, including senior secured loans, second lien secured loans, subordinated loans, and asset-based financing loans. These products are tailored to meet the financial needs of private middle-market companies, facilitating their growth and operational efficiency.
Significance
FSK plays a crucial role in the U.S. financial ecosystem by providing essential credit solutions to private middle-market companies, thereby supporting their growth and operational requirements. With its solid financial foundation and strategic partnerships, FSK is well-positioned to continue delivering significant value to its stockholders.
FS KKR Capital Corp. (NYSE: FSK) has priced an underwritten public offering of $500 million in 1.650% unsecured notes due 2024 and $750 million in 3.125% unsecured notes due 2028. The 2024 notes will mature on October 12, 2024, while the 2028 notes will mature on October 12, 2028. The offering is expected to close on October 12, 2021. The net proceeds will be used for general corporate purposes, including repayment of existing debt.
FS KKR Capital Corp. (NYSE: FSK) reported a strong second quarter for 2021, achieving net investment income of $116 million, or $0.77 per share, up from $0.63 per share in the previous quarter. The net asset value (NAV) increased by 3.1% to $26.84 per share. FSK's merger with FS KKR Capital Corp. II on June 16 boosted assets to approximately $15.7 billion. The company plans to distribute a $0.65 per share dividend for Q3 2021. Total investments stood at $14.7 billion, with a weighted average yield on debt investments at 9.2%.
FS KKR Capital Corp. (NYSE: FSK) will release its second quarter 2021 results after trading on August 9, 2021. A conference call is scheduled for 9:00 a.m. ET on August 10, 2021, to discuss the results, accessible via phone and webcast. An investor presentation will be published on the company's website after the earnings release. FS KKR is focused on providing credit solutions to middle-market companies, boasting approximately $15 billion in assets under management.
On June 17, 2021, FS KKR Capital Corp. (FSK) announced the completion of a $400 million offering of 2.625% unsecured notes due 2027. The notes will be managed by a consortium of financial institutions, including RBC Capital Markets and J.P. Morgan Securities. The net proceeds are intended for general corporate purposes, including repaying outstanding debt. Investors are advised to review the associated offering documents, which detail potential risks and financial information regarding FSK.
FS/KKR Advisor, LLC has completed the merger of FS KKR Capital Corp. (FSK) and FS KKR Capital Corp. II (FSKR), creating a unified entity trading under the FSK ticker on the NYSE. FSKR shareholders received 0.9498 FSK shares per share held, reflecting the respective net asset values of $26.77 for FSK and $25.42 for FSKR as of June 14, 2021. The merger combines approximately $15 billion in assets and enhances market reach. Additionally, FSK has authorized a $100 million share repurchase program to buy back shares at prices below the current net asset value.
FS KKR Capital Corp. (NYSE: FSK) has priced an underwritten public offering of $400 million in aggregate principal amount of its 2.625% unsecured notes due 2027. The Notes are set to mature on January 15, 2027, with an option for redemption at par plus a "make-whole" premium. The offering is expected to close on June 17, 2021, pending customary conditions. Proceeds will be used for general corporate purposes, including repaying existing indebtedness.
On May 24, 2021, FS/KKR Advisor announced that shareholders of FS KKR Capital Corp. (FSK) and FS KKR Capital Corp. II (FSKR) approved the merger during special meetings held on May 21, 2021. The merger, expected to close around June 16, 2021, will create a single entity with approximately $15 billion in assets. The combined company will benefit from a diversified investment portfolio and an enhanced capital market presence. Post-merger, shareholders of FSKR will receive shares of FSK equivalent to the NAV of their holdings, with distributions planned for early July 2021.
FS KKR Capital Corp. (NYSE: FSK) reported net investment income of $78 million, or $0.63 per share for Q1 2021, maintaining per-share income from the previous quarter.
Net asset value (NAV) increased by 4.0% to $26.03 per share. Total investments decreased from $6.78 billion to $6.46 billion. The company recorded a total net gain of $0.98 per share.
Cash distributions to stockholders remain steady at $0.60 per share. FSK's net debt to equity ratio improved to 100% from 119%.
FS KKR Capital Corp. II (FSKR) reported a net investment income of $97 million or $0.57 per share for Q1 2021, compared to $0.59 per share in Q4 2020. The net asset value increased to $25.33 per share from $25.10 as of December 31, 2020. Despite a total net realized and unrealized gain dropping to $0.21 per share from $0.35, the company maintained a consistent cash distribution of $0.55 per share. The net debt to equity ratio improved to 74% from 85% in the previous quarter.
FS KKR Capital Corp. (NYSE: FSK) will announce its first quarter 2021 results on May 10, 2021. A conference call is scheduled for May 11, 2021, at 8:00 a.m. ET to discuss these results. Interested parties can join via phone or listen to the webcast on the company's Investor Relations website. An investor presentation will also be available on the same date. FS KKR Capital Corp. is a publicly traded business development company focusing on credit solutions for private middle market U.S. companies and is advised by FS/KKR Advisor, LLC.
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