FS Investment Corporation 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by FS Investment Corporation (referred to in metadata as FS KKR Capital Corp) on October 3, 2011, reporting events occurring on September 30, 2011. The registrant is a Maryland corporation with principal executive offices in Philadelphia, Pennsylvania.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The primary financial metric disclosed is the adjustment of the public offering price per share.
- Previous Public Offering Price: $10.75 per share
- New Public Offering Price: $10.65 per share
- Effective Date: October 3, 2011 (semi-monthly closing)
- Applicable Subscription Period: September 16, 2011, through September 30, 2011
Material Changes
The Board of Directors approved a decrease in the public offering price. This action was taken in accordance with the Company's share pricing policy, which mandates a price reduction when the net asset value (NAV) per share declines to an amount more than 5% below the then-current net offering price. The filing indicates that the NAV per share had fallen below this threshold.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the implication of declining asset values necessitating the price cut. The primary contingency noted is the application of the share pricing policy triggered by the NAV decline.
Investor Verification Checklist
- Verify the exact Net Asset Value (NAV) per share as of September 30, 2011, to confirm the magnitude of the decline relative to the $10.75 offering price.
- Review the attached press release (Exhibit 99.1) for additional details on the portfolio performance driving the NAV decrease.
- Confirm the impact of the price reduction on existing shareholders versus new subscribers during the September 16–30 window.
- Check subsequent filings for any further adjustments to the offering price or NAV trends.