PHILADELPHIA, Dec. 22, 2015 /PRNewswire/ -- Franklin Square
Capital Partners, the largest manager of business development
companies (BDCs), announced the origination of a new senior secured
loan to Pittsburgh Glass Works, LLC (PGW), a leading North American
manufacturer, supplier and distributor of automotive glass
products.
PGW is a portfolio company of Kohlberg & Co (Kohlberg), a
New York-based private equity firm
focused on the middle market. The financing was provided by FS
Investment Corporation (NYSE: FSIC), FS Investment Corporation II
(FSIC II) and FS Investment Corporation III (FSIC III), BDCs
managed by affiliates of Franklin Square and sub-advised by GSO /
Blackstone Debt Funds Management LLC, an affiliate of GSO Capital
Partners LP (GSO).
"We are pleased to provide a customized credit solution to a
leader in the automotive glass industry like Pittsburgh Glass
Works," said Michael C. Forman,
Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC
III.
"We are excited to add the investment in PGW to the FSIC
portfolios. With its growing presence in global markets and
favorable cost structure, we believe that the company is a
technological leader among automotive glass producers," said
Brad Marshall, Senior Managing
Director at GSO.
Specific terms of the financing were not disclosed.
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. As of September 30,
2015, the firm managed approximately $17.0 billion in total assets, including
$15.7 billion in BDC assets, making
it the largest manager of BDCs. For more information, please visit
www.franklinsquare.com.
For information about FSIC, please visit
www.fsinvestmentcorp.com.
For information about FSIC II and FSIC III, visit
www.franklinsquare.com.
Contact Information:
Franklin Square Media Team
media@franklinsquare.com
215-495-1174
Jim Ballan
Senior Vice President,
Investor Relations & Capital Markets
james.ballan@franklinsquare.com
267-439-4375
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 over $330 billion in
assets under management, include 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 Capital Partners LP is the global credit investment platform
of Blackstone. With approximately $81
billion of assets under management, 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 or PGW. 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 and FSIC III
make with the U.S. Securities and Exchange Commission. FSIC,
FSIC II and FSIC III undertake no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Individual investors and endowments may have different
investment horizons, liquidity needs and risk tolerances. In
addition, fees that may be incurred by an investor in a fund
sponsored by Franklin Square may be
different than fees incurred by an endowment investing in similar
assets as those in which the funds invest.
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SOURCE Franklin Square Capital Partners