FS Investment Corporation IV Inc., a publicly registered non-traded business development company, has filed a registration statement with the Securities and Exchange Commission for an initial public offering of up to $1.5 billion in shares of common stock. The company previously engaged in a public offering of Class T shares that closed in November 2017 after raising $356 million, according to Summit Investment Research.
The company plans to offer Class A, Class I, Class M and Class T-2 shares on a continuous basis at a public offering price equal to the NAV per share of the relevant class, plus any applicable sales load. The total upfront sales load associated with each share class was not disclosed in the preliminary prospectus.
The minimum initial investment for Class A, Class M and Class T-2 shares is $5,000, and $1 million for Class I shares.
FS Investment Solutions serves as the dealer manager for the offering, and FS/KKR Advisor LLC, a partnership formed earlier this year between FS Investments and KKR Credit Advisors, serves as the investment advisor. GSO Capital Partners, Blackstone Group’s credit platform, was FS Investment Corporation IV’s former investment sub-adviser.
FS Investment Corporation IV is sponsored by FS Investments, formerly Franklin Square Capital Partners, and focuses primarily on investing in the debt securities of private companies throughout the United States. The fair value of the company’s investment portfolio was approximately $256.1 million, as of the first quarter of 2018.