Public, non-traded business development company (BDC) FS Energy & Power Fund (FSEP) recently filed its 2014 Form 10k with the Securities and Exchange Commission (SEC) providing a look into last year’s activity.
Sponsored by Franklin Square Capital Partners and subadvised by GSO/Blackstone, FSEP invests in debt and equity of energy companies involved in exploration, development, production, transportation, processing, storage, refining, or generation, among other activities. It focuses on upstream, midstream, power, service, and equipment sub-sectors of the energy industry.
Through March 3, 2015, FSEP had raised about $3.3 billion in equity capital.
As of December 31, 2014, the BDC’s portfolio had a total fair value of $3.4 billion with interests in 125 portfolio companies broken down as follows:
- First lien senior secured loans – 25%
- Second lien senior secured loans – 29%
- Senior secured bonds – 9%
- Subordinated debt – 28%
- Equity/other – 9%
FSEP’s portfolio companies had EBITDA, or earnings before interest, taxes, depreciation and amortization, of about $233.3 million.
Investments made by the BDC during the year totaled $2.4 billion and assets sold generated proceeds of $462 million. Additionally, FSEP received principal repayments of about $582 million.
Its current annualized distribution rate is 7.23 percent, as of December 31, 2014, based on regular weekly cash distributions at a rate of $.013625 and its public offering price of $9.80 per share.
For more information on FS Energy & Power Fund, click here.