|By PR Newswire||
|October 18, 2013 09:07 AM EDT||
PHILADELPHIA, Oct. 18, 2013 /PRNewswire/ -- FS Investment Corporation II ("FSIC II"), a business development company ("BDC") focused primarily on investing in the debt securities of private U.S. companies, announced today that it committed over $394 million toward proprietary investments in middle market companies during the months of August and September.
FSIC II made proprietary commitments to five portfolio companies, which included senior secured loan and equity investments. In connection with the terms negotiated for select commitments, FSIC II received upfront fees and other economic benefits. The originations in which FSIC II invested during the months of August and September include the following:
- $47 million senior secured loan to Keystone Automotive Operations, Inc., an international wholesale distributor and marketer of aftermarket automotive parts, and a portfolio company of Platinum Equity, LLC;
- $57 million senior secured loan and $1 million equity investment in A. T. Cross Company, a leading designer, manufacturer and marketer of fine writing instruments, reading glasses and business accessories, and a portfolio company of Clarion Capital Partners, LLC; and
- $100 million senior secured loan to American Energy – Utica, LLC and $12.9 million equity investment in American Energy Ohio Holdings, LLC. These entities are part of a privately-owned exploration and production enterprise founded by industry pioneer, Aubrey K. McClendon, to develop energy resources in the Utica Shale in Ohio, and are portfolio companies of The Energy & Minerals Group and First Reserve Management, L.P.
"We are excited to add five new proprietary investments to FSIC II's portfolio," said Michael C. Forman, Chairman and Chief Executive Officer of FSIC II. "The scale of our platform and partnership with GSO /Blackstone allow us to continue to grow our direct lending business while investing in quality companies alongside proven financial sponsors."
About FS Investment Corporation II
FSIC II is a publicly registered, non-traded BDC and is the third investment fund sponsored by Franklin Square Capital Partners ("Franklin Square"). FSIC II focuses primarily on investing in the debt securities of private companies throughout the United States, with the investment objectives of generating current income and, to a lesser extent, long-term capital appreciation for its investors. FSIC II is managed by FSIC II Advisor, LLC and is sub-advised by GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners LP ("GSO"). GSO, with approximately $62.2 billion in assets under management as of June 30, 2013, is the credit platform of The Blackstone Group L.P. For more information, please visit www.fsinvestmentcorpII.com.
About Franklin Square
Franklin Square is a leading manager of alternative investment funds designed to enhance investors' portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. The firm's funds offer "endowment-style" investment strategies that help construct diversified portfolios and manage risk. Franklin Square strives not only to maximize investment returns but also to set the industry standard for best practices by focusing on transparency, investor protection and education for investment professionals and their clients. Founded in Philadelphia in 2007, Franklin Square quickly established itself as a leader in the world of alternative investments by introducing innovative credit-based income funds, including the industry's first non-traded BDC. The firm currently manages three funds with approximately $7.9 billion* in assets. Forbes Magazine ranked Franklin Square 13th on its 2013 list of America's Most Promising Companies. Franklin Square distributes its funds through its affiliated broker-dealer, FS2 Capital Partners, LLC. For more information, please visit www.franklinsquare.com.
* Assets under management as of June 30, 2013.
This press release may contain certain forward-looking statements, including statements with regard to the future performance of FSIC II. Words such as "believes," "expects," "projects" and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings FSIC II makes with the Securities and Exchange Commission. FSIC II does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE FS Investment Corporation II