KKR Says FS Investment, Corporate Capital to Merge

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KKR ( KKR ), FS Investment Corp. ( FSIC ) and Corporate Capital Trust ( CCT ) on Monday said they had agreed to a merger between FS Investment and Corporate Capital.

The planned merger is between companies that both extend capital to middle-market enterprises.

The combined company will have more than $8 billion in assets invested in 221 portfolio companies, across 23 industries.

Under the terms of the agreement, CCT shareholders will receive FSIC shares with a net asset value equal to that of the CCT shares they hold. The new, combined company will trade under the ticker "FSIC," and will remain externally managed by KKR and FS Investments.

The companies said the merger will result in reduced operating expenses, enhanced portfolio diversification, lower financing costs and improved secondary market liquidity.

The companies slated a 10 am ET conference call.

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This article appears in: Investing , ETFs
Referenced Symbols: KKR ,

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