FS Investment Corporation Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by FS Investment Corporation (also referred to as FS KKR Capital Corp in metadata) on September 12, 2012, covering events occurring on September 6, 2012. The Company is a Maryland corporation focused on investing in private equity funds and related assets.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The primary financial disclosure is the declaration of a regular monthly cash distribution of $0.0675 per share, payable on September 28, 2012, to stockholders of record on September 27, 2012.
Material Changes
- Distribution Reinvestment Plan (DRP): The Company amended and restated its DRP, effective October 31, 2012. The purchase price for reinvested shares changed from a fixed 90% of the share price to a discretionary price set by the Board. The new price must be not less than the Net Asset Value (NAV) per share and not more than 2.5% greater than the NAV per share immediately prior to the distribution payment.
- Share Repurchase Program: The terms of the quarterly share repurchase program were amended, effective for the fourth quarter of 2012 repurchase offer (expected in December). The repurchase price will now align with the price at which shares are issued under the Amended DRP on the coinciding distribution date, replacing the previous fixed 90% of share price methodology.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statements regarding future performance, noting that actual results may differ materially due to inherent uncertainties. The Company explicitly states it undertakes no obligation to update these statements. No specific operational guidance or new risk factors were introduced in this report beyond the standard disclaimer.
Investor Verification Checklist
- Verify the exact Net Asset Value (NAV) per share calculation methodology used by the Board for the new DRP pricing.
- Confirm the specific date and terms of the fourth-quarter 2012 share repurchase offer to ensure alignment with the amended DRP pricing.
- Review the full text of the Amended and Restated Distribution Reinvestment Plan (Exhibit 4.1) for any additional terms not summarized in the 8-K.
- Check the Company's Form 10-Q for the quarter ended June 30, 2012, for detailed historical financial data and the previous repurchase program terms.