FS Investment Corporation (FSIC), a business development company managed by Franklin Square Capital Partners and sub-advised by GSO Capital Partners, has filed to list its common stock on the New York Stock Exchange.
FSIC will be the largest initial listing of a BDC when it floats, according to a statement released by the corporation on Wednesday. The BDC had $4.6 billion under management and more than 180 portfolio companies as of 30 September. FSIC had an annualised distribution rate of 8.55 percent as of its latest public filing.
FSIC invests in US private companies’ floating rate debt securities.
“This listing will be an important event for FSIC shareholders and certainly represents a significant milestone for our industry,” said FSIC chairman and chief executive officer Michael Forman in a statement. “We believe FSIC's portfolio will continue to produce strong risk-adjusted returns and serve as a good investment for those seeking current income and capital preservation.”