FSK Completes Public Offering of $900,000,000 7.500% Unsecured Notes Due 2031

Rhea-AI Summary

FS KKR Capital (NYSE:FSK) completed a public offering of $900 million aggregate principal amount of 7.500% unsecured notes due 2031. Joint book-running managers and multiple lead and co-managers supported the transaction. FSK intends to use net proceeds for general corporate purposes, including potentially repaying existing indebtedness.

Positive

• Completed $900 million unsecured notes issuance due 2031
• Locks in 7.500% fixed-rate funding for long-term capital needs
• Flexibility to use proceeds, including potentially repaying existing indebtedness

Negative

• Additional $900 million in notes increases total debt obligations
• Interest expense rises with 7.500% coupon on new notes

News Market Reaction – FSK

+2.16%

+2.16% Session close to close

In the Jun 9 session, FSK gained 2.16%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement finalizes FSK’s previously priced offering of $900 million 7.500% unsecured notes ...

Analysis

This announcement finalizes FSK’s previously priced offering of $900 million 7.500% unsecured notes due 2031, with proceeds earmarked for general corporate purposes and potential debt repayment. Historically, comparable note offerings at 6.125% and similar maturities have produced limited share-price impact. Investors may focus on how the new borrowing fits into overall leverage, upcoming debt maturities, and progress on related capital actions such as tender offers and repurchase programs.

Key Figures

Notes offering size: $900,000,000 Coupon rate: 7.500% Maturity year: 2031

3 metrics

Notes offering size $900,000,000 Aggregate principal amount of unsecured notes due 2031

Coupon rate 7.500% Interest rate on unsecured notes due 2031

Maturity year 2031 Unsecured notes due 2031 as stated in offering

Previous Offering Reports

5 past events · Latest: Jun 02 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 02	Debt offering priced	Neutral	+0.0%	Pricing of $900M 7.500% unsecured notes due 2031 for general purposes.
Sep 25	Debt deal completed	Neutral	-0.1%	Completion of $400M 6.125% unsecured notes due 2031 for general purposes.
Sep 19	Debt offering priced	Neutral	-0.1%	Pricing of $400M 6.125% unsecured notes due 2031 ahead of closing.
Dec 27	Debt deal completed	Neutral	+0.1%	Completion of $100M 6.125% unsecured notes due 2030, adding to prior $600M.
Dec 20	Debt offering priced	Neutral	+0.8%	Pricing of $100M 6.125% unsecured notes due 2030 for general purposes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Debt offerings of unsecured notes have historically led to minimal share price moves around the event date.

Recent Company History

Recent history shows FSK repeatedly accessing the unsecured notes market, including $400 million 6.125% notes in 2025 and a $100 million 6.125% tranche in 2024. Price reactions to both pricing and completion announcements were small, typically within a fraction of a percent. Today’s completion of the $900 million 7.500% notes due 2031 continues this pattern of using debt for general corporate purposes and potential refinancing of existing borrowings.

Key Terms

unsecured notes, aggregate principal amount, joint book-running managers, joint lead managers, +1 more

5 terms

unsecured notes financial

"offering of $900,000,000 in aggregate principal amount of its 7.500% unsecured notes due 2031"

Unsecured notes are loans a company issues to investors that are backed only by the issuer’s promise to pay, not by specific assets like buildings or equipment. Like an IOU without collateral, they usually pay interest but rank below secured creditors if the company fails, so they carry higher risk and often offer higher yields; investors watch them for credit strength, interest payments and recovery prospects in a default.

aggregate principal amount financial

"offering of $900,000,000 in aggregate principal amount of its 7.500% unsecured notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

joint book-running managers financial

"are acting as joint book-running managers for this offering"

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

joint lead managers financial

"are acting as joint lead managers for this offering"

Joint lead managers are the primary banks or financial firms that work together to organize, market and sell a company’s new securities offering, sharing responsibility for finding buyers and setting the offering terms. They matter to investors because their reputation, distribution reach and pricing choices influence demand, the final price and how smoothly the sale is executed — similar to several experienced event planners coordinating a major launch to attract the right crowd.

co-managers financial

"are acting as co-managers for this offering"

Co-managers are individuals or entities that share responsibility for overseeing and managing an investment or financial fund. They work together to make decisions about buying or selling assets, much like a team of leaders guiding a shared project. This collaborative approach can help ensure diverse expertise and perspectives, which may benefit investors by potentially improving the fund’s performance and risk management.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PHILADELPHIA and NEW YORK, June 8, 2026 /PRNewswire/ -- FS KKR Capital Corp. (NYSE: FSK) today announced that it has completed its previously announced offering of $900,000,000 in aggregate principal amount of its 7.500% unsecured notes due 2031 (the "Notes"). BofA Securities, Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, KKR Capital Markets LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for this offering. HSBC Securities (USA) Inc., ING Financial Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., CIBC World Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, SG Americas Securities, LLC, UBS Securities LLC and Standard Chartered Bank are acting as joint lead managers for this offering. ICBC Standard Bank Plc, Keefe, Bruyette & Woods, Inc., Lucid Capital Markets, LLC, R. Seelaus & Co., LLC and U.S. Bancorp Investments, Inc. are acting as co-managers for this offering.

FSK intends to use the net proceeds of this offering for general corporate purposes, including potentially repaying outstanding indebtedness under credit facilities and certain notes.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About FS KKR Capital Corp.

FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies. FSK seeks to invest primarily in the senior secured debt and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. FSK is advised by FS/KKR Advisor, LLC.

About FS/KKR Advisor, LLC

FS/KKR Advisor, LLC (FS/KKR) is a partnership between Future Standard and KKR Credit that serves as the investment adviser to FSK and other business development companies.

Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and over $94 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.⁽¹⁾

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. 

Forward-Looking Statements and Important Disclosure Notice

This announcement may contain certain forward-looking statements, including statements with regard to future events or future performance or operations of FSK. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include those words. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, some of which are beyond FSK's control and difficult to predict. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include changes in the economy, risks associated with possible disruption in FSK's operations or the economy generally due to terrorism, geo-political risks, natural disasters or pandemics, future changes in laws or regulations and conditions in FSK's operating area and the price at which shares of FSK's common stock trade on the New York Stock Exchange. Some of these factors are enumerated in the filings FSK makes with the SEC, including those factors set forth in "Item 1A. Risk Factors" in FSK's Annual Report on Form 10-K. Except as required by the federal securities laws, FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The press release above contains summaries of certain financial and statistical information about FSK. The information contained in this press release is summary information that is intended to be considered in the context of FSK's SEC filings and other public announcements that FSK may make, by press release or otherwise, from time to time. FSK undertakes no duty or obligation to update or revise the information contained in this press release. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. Investors should not view the past performance of FSK, or information about the market, as indicative of FSK's future results.

1)

Total AUM estimated as of March 31, 2026. References to "assets under management" or "AUM" represent the assets managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried interest (either currently or upon deployment of capital) and general partner capital. Future Standard calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of Future Standard's investment funds; (ii) uncalled investor capital commitments to these funds, including uncalled investor capital commitments from which Future Standard is currently not earning management fees or carried interest; (iii) the value of outstanding CLOs; (iv) the fair value of FS KKR Capital Corp. joint venture (JV) assets and (v) the fair value of other assets managed by Future Standard. Future Standard's calculation of AUM may differ from the calculations of other asset managers and, as a result, Future Standard's measurements of its AUM may not be comparable to similar measures presented by other asset managers. Future Standard's definition of AUM is not based on any definition of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions.

Contact Information:

Investor Relations Contact 

Caitlin Welch
Caitlin.Welch@futurestandard.com

Future Standard Media Team 

Marc Hazelton
Marc.Hazelton@futurestandard.com

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SOURCE Future Standard

FAQ

What did FS KKR Capital (NYSE:FSK) announce on June 8, 2026 about its $900 million notes offering?

FS KKR Capital completed a public offering of $900 million 7.500% unsecured notes due 2031. According to FSK, the transaction finalizes a previously announced debt issuance to support general corporate purposes and potential repayment of existing borrowings.

What are the key terms of FS KKR Capital's 7.500% unsecured notes due 2031 (NYSE:FSK)?

The notes have an aggregate principal amount of $900 million, a 7.500% coupon, and mature in 2031. According to FSK, the notes are unsecured obligations, providing fixed-rate, long-term financing without pledging specific collateral to support the debt issuance.

How does FS KKR Capital plan to use proceeds from the $900 million 7.500% notes (NYSE:FSK)?

FS KKR Capital intends to use net proceeds for general corporate purposes. According to FSK, this may include repaying outstanding indebtedness under credit facilities and certain notes, which could help manage its liability profile and extend its debt maturity schedule.

Who managed FS KKR Capital's $900 million unsecured notes offering completed June 8, 2026 (NYSE:FSK)?

The offering was led by several global investment banks as book-running and lead managers. According to FSK, BofA Securities, BMO Capital Markets, J.P. Morgan, KKR Capital Markets, RBC Capital Markets and SMBC Nikko served as joint book-runners, alongside multiple joint leads and co-managers.

Does FS KKR Capital's June 8, 2026 notes announcement constitute an offer to sell securities (NYSE:FSK)?

No, the announcement explicitly states it does not constitute an offer to sell or solicit to buy the notes. According to FSK, any such offer or sale must comply with applicable securities laws in relevant states or jurisdictions.