PHILADELPHIA, Dec. 1, 2016 /PRNewswire/ -- FS Investments,
a leading alternative investment manager, announced that its
business development company (BDC) direct lending platform
committed approximately $988 million
in senior secured loans and other debt and equity financing to
middle market companies in the third quarter of 2016, bringing its
year-to-date total originations to more than $2.2 billion. New directly originated investments
during the quarter were made in support of nine portfolio companies
headquartered in seven U.S. states.
"Our ability to customize financing solutions to a company's
specific needs delivers a unique value to those businesses and,
ultimately, our investors," said Michael C.
Forman, Chairman and Chief Executive Officer of FS
Investments. "In several cases, we upsized our financing for
existing portfolio companies, where the added capital helps those
companies expand their operations."
Newly committed capital was provided by five BDCs managed by
affiliates of FS Investments and sub-advised by GSO Capital
Partners LP (GSO) or its affiliate: FS Investment Corporation
(NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment
Corporation III (FSIC III), FS Investment Corporation IV (FSIC IV)
and FS Energy and Power Fund (FSEP). FS Investments is the largest
manager of BDCs.
FS Investments' directly originated transactions, which are
unique to its BDCs and not typically accessible elsewhere, included
investments in the following companies in the third quarter:
North Haven Cadence Buyer, Inc. (dba: Cadence
Education)
FSIC, FSIC II, FSIC III and FSIC IV provided a new senior
secured unitranche and equity commitment to Cadence Education, a
Scottsdale, AZ-based provider of
private pre-kindergarten and elementary childcare and education
services. The company is among the largest providers of private
childcare and education services in the country. The new financing
supported Morgan Stanley Capital Partners' acquisition of the
company from Audax Partners.
Transplace Holdings, Inc.
FSIC, FSIC II and FSIC III upsized their senior secured
unitranche commitment to Transplace Holdings, a Frisco, TX-based logistics and transportation
management company. The incremental commitment financed a strategic
acquisition. Transplace is a portfolio company of Greenbriar Equity
Group.
ABOUT FS INVESTMENTS
FS Investments is a leading asset
manager that designs alternative investments to help institutional,
advisory and individual investors build better portfolios. Its
solutions provide access to alternative asset classes and top
managers through a spectrum of structures, including business
development companies, a closed-end credit fund and an operating
company. The firm is dedicated to setting industry standards for
investor-centric service, education and transparency.
FS Investments was founded in 2007 as Franklin Square Capital
Partners. It is headquartered in Philadelphia with offices in Orlando and Washington, DC. The firm currently manages six
funds with over $18 billion in assets
under management as of September 30,
2016 and co-manages an operating company. Its affiliated
broker-dealer, FS Investment Solutions, LLC (member FINRA/SIPC),
distributes its offerings.
Visit fsinvestments.com to learn more.
Contact Information:
FS Investments Media Team
media@fsinvestments.com
215-495-1174
Dominic Mammarella
Investor Relations
dominic.mammarella@fsinvestments.com
215-220-4280
ABOUT BLACKSTONE AND GSO
Blackstone is one of the
world's leading investment firms. We seek to create positive
economic impact and long-term value for our investors, the
companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with
approximately $361 billion in assets
under management as of September 30,
2016, includes investment vehicles focused on private
equity, real estate, public debt and equity, non-investment grade
credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com. Follow
Blackstone on Twitter @Blackstone.
GSO is the global credit investment platform of Blackstone. With
approximately $89.3 billion of assets
under management as of September 30,
2016, GSO is one of the largest alternative managers in the
world focused on the leveraged-finance, or non-investment grade
related, marketplace. GSO seeks to generate attractive
risk-adjusted returns in its business by investing in a broad array
of strategies including mezzanine debt, distressed investing,
leveraged loans and other special-situation strategies. Its funds
are major providers of credit for small and middle-market companies
and they also advance rescue financing to help distressed
companies.
Forward-Looking Statements and Important Disclosures
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance or operations of FSIC, FSIC II, FSIC III, FSIC IV and
FSEP. 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, FSIC II, FSIC
III, FSIC IV or FSEP make with the U.S. Securities and Exchange
Commission. FSIC, FSIC II, FSIC III, FSIC IV or FSEP undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE FS Investments