FS KKR Capital Corp. Raises $400M in Debt

The business development company may use the proceeds to repay existing debt and fund new initiatives.

September 26, 2025

FSK Completes $400 Million Offering of 6.125% Unsecured Notes

FS KKR Capital Corp. (NYSE: FSK) has raised $400 million through a new issuance of unsecured notes due in 2031. The notes carry a fixed interest rate of 6.125%, giving FSK long-term capital at a predictable cost.

This new capital gives FSK room to maneuver. The company may use it to pay down existing debt or fund future activity—whatever best supports its strategy. By extending the maturity profile and increasing liquidity, FSK puts itself in a better position to act when opportunities arise.

The offering was backed by a large group of financial institutions. BofA Securities, J.P. Morgan, KKR Capital Markets, and several others acted as joint bookrunners. Additional global banks and investment firms supported the deal as lead and co-managers. The scale of participation points to strong institutional demand.

FSK is focused on the private middle market. It provides tailored credit solutions to U.S. companies that aren’t always served by traditional lenders. Most of FSK’s portfolio sits in senior secured debt, with some exposure to subordinated debt as well. It’s a space that demands flexibility—and strong access to capital.

Strategic Backing and Market Reach

That access comes from FS/KKR Advisor, LLC, a joint venture between Future Standard and KKR Credit. Future Standard, formerly FS Investments, manages over $86 billion in assets across private equity, credit, and real estate. KKR adds scale and reach across asset classes, as well as capital markets and insurance capabilities. Together, the advisory firm gives FSK a foundation built for scale and resilience.

This raise strengthens that foundation. With a broader set of tools, FSK can continue to support borrowers while staying ahead of balance sheet needs. The notes offer stability in a rate environment that remains unpredictable—and they allow FSK to plan further ahead.

The company did include forward-looking statements about future performance. Like all such statements, they’re based on current expectations and subject to change. Factors such as economic shifts, regulatory changes, and market disruptions may affect actual results.

What’s clear today: the $400 million raise adds flexibility, lowers near-term financing risk, and positions FSK to continue doing what it does best—serving the U.S. middle market with targeted credit solutions and a long view.