FSK documents supplemental indenture and note form for 2031 debt
FS KKR Capital Corp. disclosed the execution of a Fifteenth Supplemental Indenture dated
The disclosure indicates a new or amended debt instrument is documented (the supplemental indenture and note form), together with customary legal opinions and consents; specific issuance size, pricing beyond the stated coupon, and other economic terms are not provided in the text supplied.
Positive
- Supplemental indenture executed provides formal legal basis for the 6.125% Notes due 2031
- Legal opinions and consents included, supporting enforceability and customary filing completeness
- Press release included which typically improves transparency for investors
Negative
- Key economic details missing in the text: aggregate principal amount, issuance price, and proceeds use are not stated
- No disclosure of covenant or security changes in the supplied content, leaving investor impact unclear
Insights
TL;DR: A formal amendment/issuance path for the 6.125% notes due
The filing records execution of a Fifteenth Supplemental Indenture tied to the 6.125% Notes due
Material investor impacts depend on the missing economic details (principal amount, issuance price, maturity mechanics). Watch for subsequent disclosures that state the aggregate principal, any call/put features, and whether proceeds fund refinancings or new investments within the next few business days.
TL;DR: Legal opinions and consents are included, indicating counsel reviewed form and enforceability of the supplemental indenture.
The filing attaches opinions from two law firms and their consents, which is normal when a company files a supplemental indenture and note forms; these provide legal comfort about the validity and enforceability of the newly documented obligation.
Key legal items to confirm in follow-ups are any modifications to covenants, security or subordination terms in the supplemental indenture, and whether trustee appointment changes affect noteholder rights; those specifics are not present in the supplied text.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as specified in its charter)
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
|
|
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 1.01. | Entry into a Material Definitive Agreement. |
On September 25, 2025, FS KKR Capital Corp. (the “Company”) and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association) (the “Trustee”), entered into a Fifteenth Supplemental Indenture (the “Fifteenth Supplemental Indenture”) to the Indenture, dated July 14, 2014, between the Company and the Trustee (the “Base Indenture”; and together with the Fifteenth Supplemental Indenture, the “Indenture”). The Fifteenth Supplemental Indenture relates to the Company’s issuance of $400,000,000 aggregate principal amount of its 6.125% notes due 2031 (the “Notes”).
The Notes will mature on January 15, 2031 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 6.125% per year payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. 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. 333-282226) (the “Registration Statement”), the prospectus supplement dated September 18, 2025 and the pricing term sheet filed with the U.S. Securities and Exchange Commission on September 19, 205. The transaction closed on September 25, 2025. The net proceeds to the Company were approximately $390.9 million, after deducting the underwriting discounts and commissions of $4.0 million payable by the Company and estimated offering expenses of approximately $1.0 million payable by the Company. The Company intends to use the net proceeds for general corporate purposes, including potentially repaying outstanding indebtedness under its credit facilities and certain notes.
The foregoing descriptions of the Fifteenth 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 Fifteenth 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 September 25, 2025, 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
|
EXHIBIT NUMBER |
DESCRIPTION |
| 4.1 | Fifteenth Supplemental Indenture, dated as of September 25, 2025, relating to the 6.125% Notes due 2031, by and between the Company and U.S. Bank Trust Company National Association (as successor-in-interest to U.S. Bank National Association), as trustee. |
| 4.2 | Form of 6.125% Notes due 2031. (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 September 25, 2025. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FS KKR Capital Corp. | ||||||
| Date: September 25, 2025 | By: |
/s/ Stephen Sypherd | ||||
| Stephen Sypherd | ||||||
| General Counsel | ||||||
FAQ
What did FSK disclose about the 6.125% Notes due 2031?
Does the filing state how much debt FSK issued under the 6.125% Notes?
Are there legal opinions attached to the 8-K for FSK?
Is there a press release about this event for FSK?
Does the 8-K disclose changes to covenants or security for the notes?
