|Over a month ago|
Unusually active option classes on open March 16th » 09:4003/1603/16/21
SNCR, FSKR, SVRA, BLMN, KMPH, AZN, GOEV, CCIV, FEYE, MJ
Unusual total active…
Unusual total active option classes on open include: Synchronoss (SNCR), FS KKR Capital (FSKR), Savara (SVRA), Bloomin' Brands (BLMN), KemPharm (KMPH), AstraZeneca (AZN), Canoo (GOEV), Churchill Capital Corp IV (CCIV), FireEye (FEYE), and ETFMG Alternative Harvest ETF (MJ).
FS KKR Capital Corp. II reports Q4 adjusted NII 61c, consensus 52c » 16:1703/0103/01/21
Reports net asset value…
Reports net asset value of $25.10 per share, compared to $24.66 per share as of September 30, 2020.
FS KKR Capital Corp. II sees Q4 adjusted EPS 59c-61, consensus 52c » 08:1802/0102/01/21
FS KKR Capital Corp. II…
FS KKR Capital Corp. II announced certain preliminary estimates of financial results for the Q4. The company also is providing information on earnings releases and conference calls to discuss Q4 financial results. Sees Q4 net asset value per share $25.00-$25.10, compared to $24.66 in the previous quarter. Sees Q4 net debt-to-equity, adjusted for available cash, receivables for investments sold, and payables for investments purchased, is estimated to approximate 0.85x as of December 31, 2020, compared to 0.73x at September 30, 2020. The company is providing these preliminary estimates of results to give investors timely information in conjunction with the proposed merger of FSK and FSKR, which was announced on November 24, 2020.
|Over a quarter ago|
FS KKR Capital downgraded to Market Perform from Outperform at Raymond James » 09:1212/0712/07/20
Raymond James analyst…
Raymond James analyst Robert Dodd downgraded FS KKR Capital (FSK) to Market Perform from Outperform without a price target, citing its proposed merger agreement with FS KKR Capital Corp. II (FSKR). The analyst believes shares will perform in-line with peers given lower structural credit protection for shareholders from the lookback elimination in 2H21 and lower forward normalized total economic returns to shareholders.
FS KKR Capital, FS KKR Capital Corp. II enter definitive merger agreement » 07:0111/2411/24/20
FS/KKR Advisor, a…
FS/KKR Advisor, a partnership between FS Investments and KKR Credit Advisors, announced that FS KKR Capital (FSK) and FS KKR Capital Corp. II (FSKR), two publicly traded business development companies advised by FS/KKR, have entered into a definitive merger agreement. The merger of FSK and FSKR would create one of the largest BDCs in the U.S., with $14.9B in assets under management, $7.2B in net asset value and over $3B of committed capital available to new investment opportunities, each on a pro forma basis as of September 30. Under the terms of the agreement, shareholders of FSKR will receive a number of FSK shares with a NAV per share equal to the NAV of the FSKR shares they hold, as determined shortly before closing, subject to payment of cash in lieu of fractional shares at the election of FSK. FSK will be the surviving entity and will continue to be managed by FS/KKR and trade on the New York Stock Exchange under the ticker symbol (FSK). The board of directors of FS KKR Capital Corp. and FS KKR Capital Corp. II have unanimously approved the merger. The transaction is expected to close during the second or third quarter of 2021, subject to approval by FSK and FSKR shareholders and other customary closing conditions. Prior to the closing of the merger, FS/KKR currently expects FSK and FSKR each to continue to declare quarterly distributions in the normal course of business, subject to board approval. The combined company's investment strategy will continue to focus predominantly on senior secured debt investments. Based on publicly available information as of September 30, on a pro forma basis, approximately 72% of the combined company's investment portfolio will be comprised of senior secured debt investments. The combined company had, on a pro forma basis, $14.9B in assets as of September 30. The combined company's investment portfolio consisted of 216 investments across 23 industries, as of September 30. The merger is projected to generate approximately $5M in near term annual synergies by eliminating duplicative internal and external functions. In connection with the merger, the board of FSK has also approved an amended advisory agreement for the combined company. Upon the closing, the combined company will permanently reduce its income incentive fee to 17.5% from the existing level of 20%. The hurdle rate will remain at 7%. In conjunction with the permanent fee reduction, the look back provision in the existing FSK advisory agreement will be removed. At the closing of the merger, FS/KKR has agreed to waive $90M of incentive fees spread evenly over the first six quarters following the closing. This waiver equates to $15M per quarter.
FS KKR Capital downgraded to Underweight with $15.50 target at Wells Fargo » 06:3711/1211/12/20
Wells Fargo analyst…
Wells Fargo analyst Finian O'Shea downgraded FS KKR Capital (FSK) to Underweight from Equal Weight with a $15.50 price target. FS KKR Capital is the more expensive on a price to net asset value basis and is less cheap on a normalized incentive fee relative to FS KKR Capital Corp. II (FSKR), O'Shea tells investors in a research note. The analyst also believes believe FS KKR Capital Corp. II is better positioned to grow.
FS KKR Capital Corp. II reports Q3 NII 52c, consensus 51c » 16:1911/0911/09/20
Reports net asset value…
Reports net asset value of $24.66 per share, compared to $24.22 per share as of June 30.
FS KKR Capital Corp. II initiated with a Buy at National Securities » 09:1109/2309/23/20
National Securities analyst Bryce Rowe initiated coverage of FS KKR Capital Corp. II with a Buy rating and $18 price target. The business development corporation was created in December 2019 by the merger of four non-listed BDCs into one, noted Rowe, who sees a favorable risk/reward given the stock is trading at 60% of NAV/share and has a dividend yield of 15.2%.
Compass Point downgrades FS KKR Capital to Neutral after $16.50 target reached » 09:0408/1108/11/20
As previously reported,…
As previously reported, Compass Point analyst Casey Alexander downgraded FS KKR Capital (FSK) to Neutral from Buy citing valuation after the stock exceeded the analyst's unchanged price target of $16.50. While "certainly convinced that the day is coming" where FS KKR Capital and FS KKR Capital Corp. II (FSKR) are going to be merged, Alexander would rather be invested in FS KKR II at this point given its stronger credit profile and relative valuation discount. Alexander maintains a Buy rating and $16.50 price target on FS KKR Capital Corp. II.
FS KKR Capital Corp. II reports Q2 adjusted NII 48c, consensus 57c » 16:2908/1008/10/20
Reports Q2 net asset…
Reports Q2 net asset value of $24.22 per share, compared to $24.68 per share as of March 31, 2020. CEO Michael Forman stated, "We took a significant step forward during the second quarter, as we successfully listed FSKR on the NYSE, thereby providing liquidity to our existing shareholders while simultaneously positioning the Company for future growth by receiving shareholder approval to take advantage of the 150% Asset Coverage Ratio as defined by the SEC. With this approval, FSKR becomes one of the most well positioned BDCs in the industry with approximately $1.6B of committed growth capital. In addition, our third quarter dividend of $0.55 per share equates to an annualized yield of 9.1% on our net asset value per share and is reflective of our view toward future growth."