FS/KKR Advisor LLC (FS/KKR), a partnership between FS Investments and KKR Credit that serves as the investment adviser to six traded and non-traded business development companies, has closed on a new $3.4 billion, five-year senior secured omnibus revolving credit facility that matures in August 2023.
The revolver refinances certain previously existing credit facilities and provides individual borrowing capacity for FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II, FS Investment Corporation III, and Corporate Capital Trust (NYSE: CCT).
“We are very pleased with the level of commitment to our platform from such a large and strong syndicate of lenders,” said Michael Forman, chief executive officer of FSIC and CCT. “This new omnibus revolving credit facility will provide our funds with additional financial flexibility at a lower cost and allows us to optimize our liability structure and platform.”
More than 20 lenders participated in the new facility, with JPMorgan Chase Bank N.A. as administrative agent and ING Capital LLC as collateral agent. JPMorgan Chase Bank N.A., ING Capital LLC, BMO Capital Markets Corp., and SunTrust Robinson Humphrey Inc. are the joint lead arrangers and joint bookrunners.
FS/KKR Advisor LLC oversees the market’s largest business development company platform, with $18 billion in combined assets under management. Headquartered in Philadelphia, FS Investments is the nation’s largest sponsor of business development companies and has offices in New York City, Orlando, and Washington, DC. KKR is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds.