FS KKR CAPITAL CORP.

(FSK)
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Real-time Estimate Cboe BZX  -  01:09 2022-07-05 pm EDT
19.66 USD   -0.73%
06/22FS KKR CAPITAL CORP : Submission of Matters to a Vote of Security Holders (form 8-K)
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05/18FS 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, Financial Statements and Exhibits (form 8-K)
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05/18FS KKR Capital Corp. Enters into Amendment No. 2 to Second Amended and Restated Senior Secured Revolving Credit Facility
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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, Financial Statements and Exhibits (form 8-K)

05/18/2022 | 09:03am EDT

Item 1.01. Entry into a Material Definitive Agreement

Amendment No. 2 to Second Amended and Restated Senior Secured Revolving Credit Facility

On May 17, 2022, FS KKR Capital Corp., or the Company, as borrower, entered into an amendment no. 2, or Amendment No. 2, with JPMorgan Chase Bank, N.A., or JPMorgan, as administrative agent, ING Capital LLC, or ING, as collateral agent, and the lenders party thereto, which amends the second amended and restated senior secured revolving credit facility originally entered into on December 23, 2020, which was subsequently amended on September 27, 2021 (and as further amended by Amendment No. 2, the Credit Agreement), among the Company, as borrower, JPMorgan, as administrative agent, ING, as collateral agent, and the lenders party thereto. Amendment No. 2 provides for, among other things, (a) an upsize of the aggregate principal amount of the revolving credit commitments under the Credit Agreement from $4,025,000,000 to $4,640,000,000, (b) an upsize of the Company's option to request, at one or more times, that existing and/or new lenders, at their election, provide additional commitments from an amount of up to $2,012,500,000 of additional commitments to up to $2,320,000,000 of additional commitments, (c) an extension of the revolving period from December 23, 2024 to May 17, 2026, (d) an extension of the scheduled maturity date from December 23, 2025 to May 17, 2027, (e) a reduction of the applicable margin from 2.00% to 1.875% for term SOFR loans (or from 1.00% to 0.875% if the Company elects the base rate option), with a step down to 1.75% for term SOFR loans (or to 0.75% if the Company elects the base rate option) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, (f) a reduction of the commitment fee from up to 0.50% per annum (based on the immediately preceding quarter's average usage) to 0.375% per annum, in each case, on the unused portion of its sublimit under the Credit Agreement during the revolving period, (g) the replacement of the LIBOR benchmark provisions with SOFR benchmark provisions, including applicable credit spread adjustments, (h) the availability of a swingline subfacility of up to $100,000,000, (i) the deletion of the requirement that the Company make mandatory prepayment of interest and principal upon certain events at certain times when the Company's adjusted asset coverage ratio is less than 185%, and (j) a reset of the minimum shareholders' equity that must be maintained, measured as of each fiscal quarter end.

The foregoing description of Amendment No. 2 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 2 attached hereto as Exhibit 10.1.

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

           Off-Balance Sheet Arrangement of a Registrant


The information set forth under Item 1.01 of this current report on Form 8-K is hereby incorporated in this Item 2.03 by reference.

Item 9.01. Financial Statements and Exhibits



(d) Exhibits.

Exhibit
No.         Description

10.1*         Amendment No. 2, dated as of May  17, 2022, by and among FS KKR
            Capital Corp., as borrower, JPMorgan Chase Bank, N.A., as
            administrative agent, ING Capital LLC, as collateral agent, and the
            lenders party thereto.


* Schedules to this Exhibit have been omitted in accordance with

Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a

copy of all omitted schedules to the SEC upon its request.

--------------------------------------------------------------------------------

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