FSIC III Extends Its Quarterly Share Repurchase Offer

Non-traded business development company (BDC) FS Investment Corporation III (FSIC III) recently extended its quarterly repurchase offer for outstanding shares of common stock. The cash offer is for a price equal to 90 percent of the offering price per share determined as of July 8, 2015 and investors have until 5:00 p.m. CST on July 1, 2015 to tender.

Its public offering price was $9.95 as of June 3, 2015.

FSIC III’s offer to purchase up to 786,265 shares of issued and outstanding common stock represents 2.5 percent of the weighted average number of shares outstanding as of December 31, 2014. The original offer was valid through 5:00 p.m. CST on June 25, 2015.

The BDC had raised total gross proceeds of about $1.414 billion through April 28, 2015 and has made investments in 106 companies creating a portfolio with a total fair value of approximately $1 billion.

As of March 31, 2015, FSIC III’s portfolio companies had average annual earnings before income taxes, depreciation, and amortization (EBITDA) of approximately $324 million.

Franklin Square Capital Partners sponsors FSIC III which is sub-advised by GSO/Blackstone Debt Funds Management, LLC.

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