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FS KKR CAPITAL CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

06/17/2021 | 05:20pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On June 17, 2021, FS KKR Capital Corp. (the "Company") and U.S. Bank National Association (the "Trustee") entered into an Eighth Supplemental Indenture (the "Eighth Supplemental Indenture") to the Indenture, dated July 14, 2014, between the Company and the Trustee (the "Base Indenture", and together with the Eighth Supplemental Indenture, the "Indenture"). The Eighth Supplemental Indenture relates to the Company's issuance of $400,000,000 aggregate principal amount of its 2.625% notes due 2027 (the "Notes").

The Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 2.625% per year payable semi-annually on January 15th and July 15th of each year, commencing on January 15, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding Notes at a price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest to the repurchase date.

The Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement on Form N-2 (File No. 333-231221) (as amended, the "Registration Statement"), the prospectus supplement dated June 9, 2021 and the pricing term sheet filed with the U.S. Securities and Exchange Commission on June 10, 2021. The transaction closed on June 17, 2021. The net proceeds to the Company were approximately $393.9 million, after deducting the underwriting discounts and commissions of approximately $4.0 million payable by the Company and estimated offering expenses of approximately $600,000 payable by the Company. The Company intends to use the net proceeds for general corporate purposes, including to repay outstanding indebtedness under its financing arrangements.

The foregoing descriptions of the Eighth Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Eighth Supplemental Indenture and the Notes, respectively, each filed as exhibits hereto and incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant.

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On June 17, 2021, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1.

The information in this Item 7.01, including Exhibit 99.1 and the information set forth therein, is deemed to have been furnished to, and shall not be deemed to be "filed" with, the U.S. Securities and Exchange Commission.


Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


4.1            Eighth Supplemental Indenture, dated as of June 17, 2021, relating
             to the 2.625% Notes due 2027, by and between the Company and U.S.
             Bank National Association, as trustee.

4.2            Form of 2.625% Notes due 2027. (Incorporated by reference to
             Exhibit 4.1 hereto.)

5.1            Opinion of Dechert LLP.

5.2            Opinion of Miles & Stockbridge P.C.

23.1           Consent of Dechert LLP (included in Exhibit 5.1).

23.2           Consent of Miles & Stockbridge P.C. (included in Exhibit 5.2).

99.1           Press Release, dated June 17, 2021.


© Edgar Online, source Glimpses

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