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FS KKR gets amended, restated $3.89 billion senior secured revolver
By Sarah Lizee
Olympia, Wash., Nov. 13 – FS KKR Capital Corp. amended and restated its senior secured revolving credit facility on Nov. 7, providing for up to $3.89 billion of borrowings in dollars or other agreed upon foreign currencies, according to an 8-K filing with the Securities and Exchange Commission.
FS KKR Capital, FS Investment Corp. II and FS Investment Corp. III are the borrowers.
There is a $1,945,000,000 accordion and an initial sublimit available to FS KKR Capital of $2,215,000,000 of the total facility amount and an initial sublimit available to FS Investment Corp. II of $837.5 million of the total facility amount.
The revolver provides for up to $400 million of letter-of-credit issuances, with a sublimit available for FS KKR Capital to request the issuance of letters of credit in an aggregate face amount of up to $99,646,529.56 and a sublimit available for FS Investment Corp. II to request the issuance of letters of credit in an aggregate face amount of up to $37,676,735.22.
The revolver’s availability terminates on Nov. 7, 2023. The outstanding loans under the facility will mature Nov. 7, 2024.
Interest is Libor plus 175 basis points to 200 bps, based on a borrowing base test. There is a commitment fee of 37.5 bps to 50 bps, based on usage.
JPMorgan Chase Bank, NA, ING Capital LLC, BMO Capital Markets Corp., MUFG Union Bank, NA, Sumitomo Mitsui Banking Corp. and SunTrust Robinson Humphrey Inc. are the joint bookrunners and joint lead arrangers. JPMorgan is the administrative agent. ING is the syndication agent and BMO, SunTrust, MUFG and Sumitomo are the documentation agents.
The Philadelphia-based business development company invests mainly in senior secured and subordinated debt of private middle-market U.S. companies.
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