Franklin Square BDCs Provide Financing for Rogue Wave Software
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Franklin Square BDCs Provide Financing for Rogue Wave Software
Franklin Square Capital Partners, the largest manager of business development companies, announced the origination of a new senior secured loan to Rogue Wave Software, a provider of cross-platform software development tools and libraries. The loan facilitated the refinancing of Rogue Wave’s existing debt and acquisition of Zend Technologies, an end-to-end web and mobile application development for the PHP web language.
Rogue Wave is a portfolio company of Audax Group, a Boston-based investment firm focused on the middle market. The financing was provided by FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II and FS Investment Corporation III, BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners LP.
“We are pleased to provide a timely financing solution to a software industry leader like Rogue Wave,” said Michael C. Forman, chairman and chief executive officer of FSIC, FSIC II and FSIC III. “The transaction is another example of our ability to draw upon the collective capital base across the FSIC fund franchise to provide customized credit solutions to strong middle market companies.”
Specific terms of the financing were not disclosed.
Earlier this month, The DI Wire reported that Franklin Square’s BDCs provided $150 Million in financing to Healthcare Staffing Services.
Franklin Square is a manager of alternative investment funds designed to enhance investors’ portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. As of June 30, 2015, the firm managed approximately $16.8 billion in total assets, including $15.4 billion in BDC assets, making it the largest manager of BDCs.
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