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Non-Traded BDC Prepares to List on NYSE

FS Investment Corporation (FSIC), Franklin Square Capital Partner’s first non-traded business development company (BDC), has applied to list its common stock on the New York Stock Exchange (NYSE) using the symbol “FSIC” with trading expected to begin in April of 2014.

FSIC invests in floating rate, senior secured debt securities of private U.S. companies. The portfolio is sub-advised by an affiliate of GSO Capital Partners, the credit platform of Blackstone. 

“This listing will be an important event for FSIC shareholders and certainly represents a significant milestone for our industry,” said Michael C. Forman, Chairman and CEO of FSIC.

Franklin Square Capital Partners, founded in 2007, launched the industry’s first, non-traded BDC in 2009. 

Once listed, FSIC will be one of the largest publicly traded BDCs with in excess of $4.6 billion in assets, which includes a portfolio of over 180 companies as of September 30, 2013. 

FSIC raised roughly $2.8 billion before closing in May of 2012 and was paying an annualized distribution rate of 8.55% as of its last reported net asset value. 

“We believe FSIC’s portfolio will continue to produce strong risk-adjusted returns and serve as a good investment for those seeking current income and capital preservation,” said Forman.

The listing is subject to NYSE approval and customary market conditions.