FS KKR Capital Corp (FS Investment Corporation) - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on January 31, 2011, reporting events that occurred on January 28, 2011. The registrant, FS Investment Corporation, disclosed material agreements entered into by its wholly-owned financing subsidiary, Broad Street Funding LLC.
Key Financial Metrics and Agreements
The filing details the restructuring of a credit facility rather than reporting standard operating metrics like revenue or profit for a specific period.
- Debt Facility Restructuring: Conversion of a single-lender facility into a multi-lender, syndicated facility.
- Outstanding Commitment: $100,000,000 of the Tranche B Commitment was converted into a Tranche C Commitment.
- Administrative Agent: Deutsche Bank AG, New York Branch, was named as the administrative agent.
- Costs: A conversion fee was paid to Deutsche Bank in exchange for the commitment conversion.
Material Changes Versus Prior Period
The primary material change is the structural evolution of the credit agreement dated March 10, 2010 (as previously amended). The facility shifted from a single-lender arrangement to a syndicated structure with a new lender joining as the sole lender under the Tranche C Commitment. The filing explicitly states that no other material terms of the original credit or security agreements changed.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard incorporation of the full text of the Amended and Restated Credit Agreement and Security Agreement. The document focuses strictly on the execution of these definitive agreements.
Key Facts for Investor Verification
- Verify the specific terms of the new syndicated facility in the attached Amended and Restated Credit Agreement (Exhibit 10.1).
- Confirm the identity of the new lender joining the facility as the sole lender for the Tranche C Commitment.
- Review the amount and terms of the conversion fee paid to Deutsche Bank.
- Assess the impact of the syndication on the company's liquidity and future borrowing capacity.