Item 1.01. | Entry into a Material Definitive Agreement |
First Amendment to the Ambler Funding Facility
On December 28, 2021, Ambler Funding LLC (“Ambler Funding”), a wholly-owned subsidiary of FS KKR Capital Corp. (the “Company”), entered into the First Amendment (the “First Amendment to the Ambler Funding Facility”) to the Loan and Security Agreement, dated November 22, 2019, by and among Ambler Funding, as borrower, Ally Bank, as administrative agent and arranger, each of the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as collateral administrator and collateral custodian.
The First Amendment to the Ambler Funding Facility, among other things, (i) extended the maturity date from November 22, 2024 to November 22, 2025, (ii) extended the end of the revolving period from November 22, 2022 to November 22, 2023, (iii) decreased the interest rate to (x) with respect to any advance bearing interest at Term SOFR or Daily Simple SOFR, as elected by Ambler Funding, 2.15% per annum plus Term SOFR or Daily Simple SOFR, as applicable, and (y) with respect to any advance bearing interest at the Base Rate (as defined therein), 1.15% per annum plus the Base Rate, (iv) added a minimum usage fee in an amount equal to Daily Simple SOFR plus 2.15% on any undrawn portion of the facility below $130,000,000 and (v) amended the non-usage fee to be an amount equal to (x) 0.25% of the daily undrawn portion of the facility if the drawn portion of the facility is greater than or equal to 75% of the total facility and (y) 0.50% of the daily undrawn portion of the facility if the drawn portion of the facility is less than 75% of the total facility.
The foregoing description of the First Amendment to the Ambler Funding Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the First Amendment to the Ambler Funding Facility attached hereto as Exhibit 10.1.
Tenth Amendment to the Darby Creek Facility
On December 28, 2021, Darby Creek LLC (“Darby Creek”), a wholly-owned subsidiary of the Company, entered into the Tenth Amendment (the “Tenth Amendment to the Darby Creek Facility”) to the Loan Financing and Servicing Agreement, dated February 20, 2014, by and among Darby Creek, as borrower, Deutsche Bank AG, New York Branch, as facility agent, each of the lenders from time to time party thereto, the other agents parties thereto, and Wells Fargo Bank, National Association, as collateral agent and collateral custodian.
The Tenth Amendment to the Darby Creek Facility, among other things, (i) extended the maturity date from February 26, 2024 to February 26, 2025, (ii) extended the end of the revolving period from February 26, 2022 to February 26, 2023, (iii) decreased the interest rate to, during the revolving period, 1.85% per annum, and after the revolving period, 1.95% per annum, in each case, plus LIBOR (or the relevant reference rate for any foreign currency borrowings) and (iv) amended the prepayment fee so that, in certain circumstances, in the event the facility size is reduced prior to the end of the revolving period, Darby Creek will be required to pay a fee equal to 1.00% on the amount of such reduction.
The foregoing description of the Tenth Amendment to the Darby Creek Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Tenth Amendment to the Darby Creek Facility attached hereto as Exhibit 10.2.
Amendment No. 14 to the Dunlap Funding Facility
On December 28, 2021, Dunlap Funding LLC (“Dunlap Funding”), a wholly-owned subsidiary of the Company, entered into Amendment No. 14 (“Amendment No. 14 to the Dunlap Funding Facility”) to the Loan Financing and Servicing Agreement, dated December 2, 2014, by and among Dunlap Funding, as borrower, Deutsche Bank AG, New York Branch, as facility agent, each of the lenders from time to time party thereto, the other agents parties thereto, and Wells Fargo Bank, National Association, as collateral agent and collateral custodian.
Amendment No. 14 to the Dunlap Funding Facility, among other things, (i) extended the maturity date from February 26, 2024 to February 26, 2025, (ii) extended the end of the revolving period from February 26, 2022 to February 26, 2023, (iii) decreased the interest rate to, during the revolving period, 1.85% per annum, and after the revolving period, 1.95% per annum, in each case, plus LIBOR (or the relevant reference rate for any foreign currency borrowings) and (iv) amended the prepayment fee so that, in certain circumstances, in the event the facility size is reduced prior to the end of the revolving period, Dunlap Funding will be required to pay a fee equal to 1.00% on the amount of such reduction.