FSK Prices Public Offering of $400,000,000 6.125% Unsecured Notes Due 2031 (Form 8-K)

FSK Prices Public Offering of $400,000,000 6.125% Unsecured Notes Due 2031

PHILADELPHIA, PA and NEW YORK, NY - September 19, 2025 - FS KKR Capital Corp. (NYSE: FSK) announced that it has priced an underwritten public offering of $400,000,000 in aggregate principal amount of its 6.125% unsecured notes due 2031 (the "Notes"). The Notes will mature on January 15, 2031 and may be redeemed in whole or in part at FSK's option at any time at par plus a "make-whole" premium, provided that the Notes may be redeemed at par one month prior to their maturity. The offering is expected to close on September 25, 2025, subject to customary closing conditions.

BofA Securities, Inc., BMO Capital Markets Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC, KKR Capital Markets LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc., MUFG Securities Americas Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC, HSBC Securities (USA) Inc. and RBC Capital Markets, LLC are acting as joint book-running managers for this offering. BNP Paribas Securities Corp., Citigroup Global Markets Inc., CIBC World Markets Corp., Goldman Sachs & Co. LLC, Barclays Capital Inc., Morgan Stanley & Co. LLC, SG Americas Securities, LLC and UBS Securities LLC are acting as joint lead managers for this offering. ICBC Standard Bank Plc, R. Seelaus & Co., LLC, U.S. Bancorp Investments, Inc., Keefe, Bruyette & Woods, Inc. and Oppenheimer & Co. Inc are acting as co-managers for this offering.

FSK intends to use the net proceeds of this offering for general corporate purposes, including potentially repaying outstanding indebtedness under credit facilities and certain notes.

Other Information

Investors are advised to carefully consider the investment objectives, risks, charges and expenses of FSK before investing. The pricing term sheet dated September 18, 2025, the preliminary prospectus supplement dated September 18, 2025, and the accompanying prospectus dated September 19, 2024, each of which has been filed with the U.S. Securities and Exchange Commission (the "SEC"), contain this and other information about FSK and should be read carefully before investing.

The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of FSK and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

FSK's shelf registration statement is on file and was deemed immediately effective upon filing with the SEC. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents FSK has filed with the SEC for more complete information about FSK and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, FSK, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it, by calling BofA Securities, Inc. at 1-800-294-1322; BMO Capital Markets Corp. at 1-866-864-7760; ING Financial Markets LLC at 1-646-424-6718; J.P. Morgan Securities LLC at 1-212-834-4533; KKR Capital Markets LLC at 1-212-230-9433; SMBC Nikko Securities America, Inc. at 1-888-868-6856; or Truist Securities, Inc. at 1-800-685-4786.

About FS KKR Capital Corp.

FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies. FSK seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies. FSK is advised by FS/KKR Advisor, LLC.

About FS/KKR Advisor, LLC

FS/KKR Advisor, LLC (FS/KKR) is a partnership between Future Standard, formerly FS Investments, and KKR Credit that serves as the investment adviser to FSK and other business development companies.

Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and over $86 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries.