FSIC BDCs commit $4bn in 2016

The Philadelphia-based alternative lender ended the year with its highest quarterly amount of loan commitments. 

FS Investments announced it closed $1.7 billion of loans in the fourth quarter of 2016, through its flagship publicly traded business development corporation, FS Investment Corporation, as well as four other vehicles.

FSIC alongside private BDCs FSIC II, FSIC III, FSIC IV and FS Energy and Power Fund also committed $4 billion for 2016. The firms’ numbers increased throughout the year: FSIC and its counterparts lent $370 million in the first quarter, $830 million in the second quarter and $988 million in the third quarter.

A representative for FSIC could not be reached for comment.

In the fourth quarter, FSIC vehicles added five new portfolio companies and committed new capital to several existing portfolio companies. Among the commitments from the fourth quarter was a senior secured loan for an unspecified amount to back Odyssey Investment Partners’ buyout of Chicago-based staffing agency Addison Group.

FSIC also supported another buyout, this time providing a unitranche loan, also for an unspecified amount, in connection with HIG Capital Partners’ acquisition of Northlake, Illinois-based residential flooring company Empire Today.

FSIC is managed by Philadelphia-based FS Investments and sub-advised by GSO Capital Partners.