FSK News & Analysis
2 articles
Market Mood
FS KKR (FSK) Selling $400 Million Bonds in Junk-Rated Deal
FS KKR (FSK) is set to sell $400 million in bonds as part of a transaction involving junk-rated bonds. This issuance marks a rare event in the Business Development Company (BDC) market, which typically sees fewer transactions in this rating category. The move could reflect shifts in investor sentiment towards riskier investments. The specific yield and terms of the bonds have not been disclosed at this time.
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JPMorgan (JPM) Reduces Credit Line by $648M to KKR's FSK Fund
JPMorgan Chase & Co. (JPM) reduced its credit line to FS KKR Capital Corp. (FSK) by $648 million, approximately 14%, bringing the total facility down to $4.05 billion. FSK announced that KKR will inject $150 million as equity and another $150 million to buy shares from exiting investors. The fund also reported first-quarter losses of $2 per share, totaling about $560 million, with a net asset value decline of around 10%. As of the end of the first quarter, non-accrual loans surged to 8.1%, prompting concerns regarding the fund's stability and market position.
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