Business development company (BDC) FS Investment Corporation (FSIC) plans to list on the New York Stock Exchange on 16 April, according to a statement released on Monday.
The $4.5 billion BDC is managed by Franklin Square Capital Partners and sub-advised by an affiliate of GSO Capital Partners. FSIC invests in the floating rate, senior secured debt of private companies in the US mid-market.
“We are proud FSIC has generated a 16 percent annualised return since inception,” said FSIC Chairman and CEO, Michael Forman in a statement. “These distributions should build on this record and enhance shareholder value.”
The BDC will trade under the symbol ‘FSIC’. JPMorgan Securities, Wells Fargo Securities, and BofA Merrill Lynch are co-advisors on the listing. Wells Fargo will serve as sole dealer manager for the tender offer, according to a statement from the firm.
GSO Capital Partners may acquire up to $50 million in FSIC shares following the tender offer, according to the statement. Franklin Square has indicated it may purchase up to $100 million in shares and members of FSIC and Franklin Square management may purchase up to $25 million.
FSIC is one of several BDCs to list in recent weeks. Both TPG Specialty Lending and TriplePoint Venture Growth floated on the New York Stock Exchange in March. Golub Capital priced 3.5 million shares of its BDC on the Nasdaq stock exchange on 18 March.