|By PR Newswire||
|October 18, 2013 09:08 AM EDT||
PHILADELPHIA, Oct. 18, 2013 /PRNewswire/ -- FS Investment Corporation ("FSIC"), a business development company ("BDC") focused primarily on investing in the debt securities of private U.S. companies, announced today that it committed over $398 million toward proprietary investments in middle market companies during the months of August and September.
FSIC made proprietary commitments to seven portfolio companies, which included senior secured loan, subordinated debt and equity investments. In connection with the terms negotiated for select commitments, FSIC received upfront fees and other economic benefits. The originations in which FSIC 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;
- $20 million senior secured loan to OneStopPlus Group, a leading catalog and online fashion retailer for plus-size consumers, and a portfolio company of Charlesbank Capital Partners and Webster Capital; and
- $20 million senior secured loan to MetoKote Corporation, a global provider of outsourced custom coating services and solutions to a variety of industrial end markets, and a portfolio company of Platinum Equity, LLC.
"We are excited to make seven new proprietary investments diversified across a wide variety of industries and subsectors. We expect to continue to increase FSIC's proprietary investment portfolio going forward, which we believe will help position the fund for a successful potential listing on a national securities exchange," said Michael C. Forman, Chairman and Chief Executive Officer of FSIC.
About FS Investment Corporation
FSIC, an investment fund sponsored by Franklin Square Capital Partners ("Franklin Square"), is a publicly registered, non-traded BDC. A BDC such as FSIC is a type of investment fund that enables investors, including non-accredited investors (subject to certain state-specific suitability standards), to access the private debt asset class. FSIC 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 is managed by FB Income 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.fsinvestmentcorp.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. 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 makes with the Securities and Exchange Commission. FSIC 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