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00:02KKR announced a $300 million support package for FSKKR Capital after a J.P. Morgan-led bank
00:09group cut the fund's credit line by $648 million to $4.05 billion, according to CNBC.
00:17KKR will inject $150 million in equity and spend another $150 million to buy shares from
00:24exiting investors. The fund, known as FSK, reported first-quarter losses of $2 per share,
00:31or about $560 million, as net asset value fell about 10%. FSK said loans no longer generating
00:39income rose to 8.1% from 5.5% at year-end. Moody's downgraded the fund to junk in
00:47March.
00:48FSK executives said loans to Medallia and Affordable Care stopped paying interest.
00:52The bank group also raised rates on the remaining facility and lowered the minimum
00:57shareholders' equity floor to $3.75 billion from $5.05 billion.
01:03For all things money, visit Benzinga.com.
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