FSIC lists on NYSE

The $4.5bn BDC is the third such vehicle to list on the stock exchange in recent weeks. 

Franklin Square Capital-managed business development company (BDC) FS Investment Corporation (FSIC) listed on the New York Stock Exchange Wednesday morning.

In a statement released on Tuesday, FSIC indicated that stockholders would be able to tender shares for between $10.35 and $11.00 per share.

FSIC primarily invests in floating rate, senior secured debt of private companies in the US mid-market. The Blackstone Group’s credit arm GSO Capital Partners is a sub-advisor on the BDC.

“FSIC’s listing marks the next stage of the company’s evolution,” said Franklin Square chairman and chief executive Michael Forman in a statement. “FSIC’s scale, focus on senior secured investments and partnership with GSO / Blackstone have positioned the company to succeed. I am confident that FSIC’s listing will enable us to build upon our prior accomplishments and will create new opportunities to enhance shareholder value.”

The BDC had more than $4.5 billion in assets across 159 portfolio companies as of 28 February. Approximately 83 percent of FSIC’s portfolio is invested in senior secured debt.

FSIC is the third BDC to list on the NYSE in recent weeks. TPG Specialty Lending and TriplePoint Venture Growth floated offerings in March. Golub Capital priced 3.5 million shares of its BDC on the Nasdaq stock exchange on 18 March.