AOG Wealth Management is pleased to announce that subject to New York Stock Exchange Approval (NYSE), Franklin Square Investment Corporation (FSIC) will list on the NYSE under the ticker symbol FSIC in April 2014.
FSIC is a Business Development Company (BDC) that invests primarily in the floating rate, senior secured debt securities of private U.S. companies. The fund is managed by Franklin Square Capital Partners and sub-advised by an affiliate of GSO Capital Partners, the credit platform of Blackstone. Franklin Square and GSO/Blackstone are the world’s largest manager of BDC assets, with over $9 billion of assets across their funds.
FSIC was the first BDC to raise funds as a non-traded entity. They commenced raising money from individual investors in the 4th quarter of 2008 and closed to new investors in April of 2012. When FSIC lists, it will be among the largest BDC’s in the market with over $4.6 billion in assets under management, and boasting a portfolio consisting of 180 companies. (as of the latest public filing from September 20, 2013).
FSIC’s current annualized distribution rate is 8.47% of the recently announced net asset value of $10.30. In addition, as of the latest filing, the fund had generated approximately $124.2 million of undistributed net investment income and realized capital gains. FSIC expects to distribute portions of this excess income to stockholders in the form of one or more special distributions following the listing. “We believe the portfolio will continue to produce strong risk-adjusted returns and serve as a good investment for those seeking current income and capital preservation.” said Michael C. Forman, Chairman and CEO of FSIC.
Please call Fred or Jim if you have any questions.