Business Context and Reporting Period
Company: KKR Income Opportunities Fund (NYSE: KIO)
Filing Type: Form 8-K (Current Report)
Date of Report: January 23, 2023
Event: Commencement of a rights offering and entry into material definitive agreements.
Key Financial Metrics
This filing is a current report regarding a corporate action and does not contain audited financial statements, revenue, profit, cash flow, or margin data. The filing text does not provide a clear value for these metrics.
- Offering Capacity: Up to 6,780,105 new Common Shares of Beneficial Interest.
- Subscription Ratio: 1 new share for every 3 Rights held (1-for-3 rights offering).
- Record Date: January 23, 2023.
- Minimum Subscription: Shareholders with fewer than 3 shares are entitled to subscribe for 1 full share.
Material Changes
The primary material change is the initiation of a rights offering to existing shareholders. The Fund entered into the following agreements on January 23, 2023:
- Dealer Manager Agreement: With KKR Credit Advisors (US) LLC and UBS Securities LLC.
- Subscription Agent Agreement: With AST Fund Solutions, LLC.
- Information Agent Agreement: With AST Fund Solutions, LLC.
Guidance, Outlook, and Risks
Management Commentary: The Fund commenced the Offer pursuant to a prospectus supplement dated January 23, 2023, and a prospectus dated January 13, 2023, under an effective shelf registration statement (File No. 333-268584).
Risks and Contingencies: The filing references the full text of the Dealer Manager Agreement and other exhibits for complete terms and limitations. The offering is subject to allotment and certain limitations not detailed in this summary.
Investor Verification Checklist
- Verify the subscription price per share in the accompanying prospectus supplement (not included in this 8-K text).
- Confirm the expiration date of the Rights offering.
- Review the full Dealer Manager Agreement (Exhibit 1.1) for underwriting fees and conditions.
- Check the Fund's current share count to calculate the exact number of Rights received.
- Review the prospectus for risks associated with the dilution of existing holdings.