2020-11-24 07:01:04 FSK FS KKR Capital
FS KKR Capital Corp. II
11/24/20 11/2407:01 11/24/2007:01 | FS KKR Capital, FS KKR Capital Corp. II enter definitive merger agreementFS/KKR Advisor, a partnership between FS Investments and KKR Credit Advisors, announced that FS KKR Capital (FSK) and FS KKR Capital Corp. II (FSKR), two publicly traded business development companies advised by FS/KKR, have entered into a definitive merger agreement. The merger of FSK and FSKR would create one of the largest BDCs in the U.S., with $14.9B in assets under management, $7.2B in net asset value and over $3B of committed capital available to new investment opportunities, each on a pro forma basis as of September 30. Under the terms of the agreement, shareholders of FSKR will receive a number of FSK shares with a NAV per share equal to the NAV of the FSKR shares they hold, as determined shortly before closing, subject to payment of cash in lieu of fractional shares at the election of FSK. FSK will be the surviving entity and will continue to be managed by FS/KKR and trade on the New York Stock Exchange under the ticker symbol (FSK). The board of directors of FS KKR Capital Corp. and FS KKR Capital Corp. II have unanimously approved the merger. The transaction is expected to close during the second or third quarter of 2021, subject to approval by FSK and FSKR shareholders and other customary closing conditions. Prior to the closing of the merger, FS/KKR currently expects FSK and FSKR each to continue to declare quarterly distributions in the normal course of business, subject to board approval. The combined company's investment strategy will continue to focus predominantly on senior secured debt investments. Based on publicly available information as of September 30, on a pro forma basis, approximately 72% of the combined company's investment portfolio will be comprised of senior secured debt investments. The combined company had, on a pro forma basis, $14.9B in assets as of September 30. The combined company's investment portfolio consisted of 216 investments across 23 industries, as of September 30. The merger is projected to generate approximately $5M in near term annual synergies by eliminating duplicative internal and external functions. In connection with the merger, the board of FSK has also approved an amended advisory agreement for the combined company. Upon the closing, the combined company will permanently reduce its income incentive fee to 17.5% from the existing level of 20%. The hurdle rate will remain at 7%. In conjunction with the permanent fee reduction, the look back provision in the existing FSK advisory agreement will be removed. At the closing of the merger, FS/KKR has agreed to waive $90M of incentive fees spread evenly over the first six quarters following the closing. This waiver equates to $15M per quarter. FS KKR Capital
FS KKR Capital Corp. II
|
---|
Hot Stocks
|
Portland General Electric raises quarterly dividend 5.3% to 50c per share »
18:04
04/19/24
04/19
18:04
04/19/2418:04
POR
Portland General Electric
On April 19, the board of… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
NovaBay receives NYSE American notice of non-compliance »
18:01
04/19/24
04/19
18:01
04/19/2418:01
NBY
NovaBay
NovaBay Pharmaceuticals… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Oragenics announces NYSE American noncompliance notification »
17:53
04/19/24
04/19
17:53
04/19/2417:53
OGEN
Oragenics
Oragenics announced that… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Wrap Technologies receives noncompliance notification from Nasdaq »
17:30
04/19/24
04/19
17:30
04/19/2417:30
WRAP
Wrap Technologies
Wrap Technologies… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
HII awarded $120.3M Navy contract modification »
17:25
04/19/24
04/19
17:25
04/19/2417:25
HII
HII
HII was awarded a $120.3M… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Arista Networks COO Anshul Sadana to resign, effective May 21 »
17:19
04/19/24
04/19
17:19
04/19/2417:19
ANET
Arista Networks
In a regulatory filing,… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Syndicate
|
InnSuites Hospitality Trust files to sell 1M shares of common stock
17:16
04/19/24
04/19
17:16
04/19/2417:16
IHT
InnSuites Hospitality Trust
|
Syndicate
|
Inhibikase Therapeutics files to sell common stock, warrants, no amount given »
17:16
04/19/24
04/19
17:16
04/19/2417:16
IKT
Inhibikase Therapeutics
Maxim Group is acting as… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Aslan Pharmaceuticals receives Nasdaq notice »
17:13
04/19/24
04/19
17:13
04/19/2417:13
ASLN
Aslan Pharmaceuticals
Aslan Pharmaceuticals… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Syndicate
|
Zai Lab files automatic ordinary shares offering
17:13
04/19/24
04/19
17:13
04/19/2417:13
ZLAB
Zai Lab
|
Syndicate
|
Endra Life Sciences files to sell common stock, warrants, no amount given »
17:12
04/19/24
04/19
17:12
04/19/2417:12
NDRA
Endra Life Sciences
Craig-Hallum is sole… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Hepion Pharmaceuticals falls 42% after wind down of ASCEND-NASH trial »
17:08
04/19/24
04/19
17:08
04/19/2417:08
HEPA
Hepion Pharmaceuticals
In after-hours trading,… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
NLS Pharmaceutics receives staff delisting determination letter from Nasdaq »
17:05
04/19/24
04/19
17:05
04/19/2417:05
NLSP
NLS Pharmaceutics
NLS Pharmaceutics… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Conference/Events
|
Steelcase management to meet with Benchmark »
17:04
04/19/24
04/19
17:04
04/19/2417:04
SCS
Steelcase
Group breakfast at 7:45am… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Syndicate
|
AIM ImmunoTech files to sell 9.98M shares of common stock for holders
17:03
04/19/24
04/19
17:03
04/19/2417:03
AIM
AIM ImmunoTech
|
Hot Stocks
|
Lion Group receives noncompliance notification from Nasdaq »
17:03
04/19/24
04/19
17:03
04/19/2417:03
LGHL
Lion Group
Lion Group announced that… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Syndicate
|
RenovoRx files to sell 6.13M shares of common stock for holders
17:03
04/19/24
04/19
17:03
04/19/2417:03
RNXT
RenovoRx
|
Syndicate
|
Yoshiharu files to sell 237,885 shares of Class A common stock for holders
17:02
04/19/24
04/19
17:02
04/19/2417:02
YOSH
Yoshiharu
|
Hot Stocks
|
Hepion Pharmaceuticals trading resumes
17:00
04/19/24
04/19
17:00
04/19/2417:00
HEPA
Hepion Pharmaceuticals
|
General news
|
Treasury Market Summary: »
16:55
04/19/24
04/19
16:55
04/19/2416:55
$ECON
Economic Data
Treasury Market Summary:… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Conference/Events
|
Oppenheimer healthcare analysts hold an analyst/industry conference callssssssss »
16:51
04/19/24
04/19
16:51
04/19/2416:51
Healthcare Analysts,… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Asbury Automotive chief legal officer George Villasana to retire »
16:40
04/19/24
04/19
16:40
04/19/2416:40
ABG
Asbury Automotive
Asbury Automotive… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Conference/Events
|
Editas Medicine management to meet with Oppenheimer »
16:36
04/19/24
04/19
16:36
04/19/2416:36
EDIT
Editas Medicine
Meeting to be held on… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Odyssey Marine addresses Nasdaq compliance matters »
16:33
04/19/24
04/19
16:33
04/19/2416:33
OMEX
Odyssey Marine
Odyssey Marine… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |
Hot Stocks
|
Hepion Pharmaceuticals initiates wind-down activities in Phase 2b 'ASCEND-NASH' »
16:31
04/19/24
04/19
16:31
04/19/2416:31
HEPA
Hepion Pharmaceuticals
Hepion Pharmaceuticals… Available to The Fly Members Only Breaking content available to members only. Sign up or login for access. Create FREE Account |