Franklin Square Chairman and CEO to Ring NYSE Opening Bell
Michael C. Forman, Chairman and CEO of Franklin Square Capital Partners (Franklin Square), sponsor of FS Investment Corporation (FSIC), will ring the opening bell Wednesday morning at the NYSE to celebrate the listing of his firm’s first fund and the direct investment industry’s first non-traded business development company (BDC).
FSIC launched in 2009 and raised about $2.8 billion before closing in May 2012. As of February 28, 2014, its portfolio consisted of 159 companies for a combined value of over $4.5 billion in total assets.
Joining Forman in the festivities will be representatives of GSO / Blackstone, FSIC’s sub-adviser, and co-founder of GSO Capital Partners, Bennett Goodman.
As the bell rings, trading will begin for FS Investment Corporation, which will trade under the ticker symbol “FSIC.”
“FSIC’s listing marks the next stage of the company’s evolution,” said Forman. “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.”
As of April 1, 2014, FSIC increased its monthly distribution rate to $.07425 per share, which is 8.68% annualized.
