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FS Investment, Corporate Capital Trust merger closes

The merger between FS Investment Corp. and Corporate Capital Trust Inc. closed, forming the second-largest publicly traded business development company, according to the combined company's adviser FS/KKR Advisor LLC.

FS Investment was renamed FS KKR Capital Corp., and will begin trading on the New York Stock Exchange under the ticker symbol FSK on Dec. 20.

Corporate Capital's board declared a special cash dividend of 50.6 cents following the deal close, to be paid on or about Dec. 27 to shareholders of record as of Dec. 18. The company had previously said it would pay a special cash distribution of at least 40.2 cents per share.

Corporate Capital shareholders will receive 2.3552 FS KKR Capital shares for each share of Corporate Capital held, subject to payment of cash in lieu of fractional shares.

In addition, FS KKR Capital's board authorized a $200 million common stock repurchase program, and plans to release preliminary financial information for the year ended Dec. 31 in mid-January 2019 to allow potential repurchases to commence.

FS/KKR Advisor LLC is a partnership between FS Investments and KKR Credit Advisors (US) LLC.