Two FS Investments BDCs Close Offerings

FS Investment Corporation III and FS Investment Corporation IV, two non-traded business development companies, have each closed their public offerings to new investors, as planned. November 15th was the final closing date for outstanding subscriptions to be accepted by the companies.

FS Investment Corporation III and FS Investment Corporation IV will continue to conduct quarterly tender offers through their respective share repurchase programs, and distributions will be declared and paid on a monthly basis.

Both distribution reinvestment plan will remain in effect and participating stockholders will be able to reinvest distributions at a price determined by each board. The price will not be less than the net asset value per share, and no more than 2.5 percent greater than the NAV per share.

Last month, The DI Wire reported that the two BDCs amended their respective distribution reinvestment plans and share repurchase programs.

FS Investment Corporation III, which was declared effective in December 2013, has raised $2.9 billion in investor equity as of the third quarter of 2017 and oversees a $3.4 billion investment portfolio.

In February 2016, FS Investment Corporation III closed its public offering to investors in the independent broker-dealer channel, and currently offers shares to investors in the institutional channel and to certain affiliated investors.

FS Investment Corporation IV was declared effective in October 2015 and has raised $318 million in investor equity as of the third quarter 2017. FSIC IV’s portfolio consists of investments in 46 portfolio companies with a fair value of $359 million.

The BDCs are sponsored by FS Investments, formerly Franklin Square Capital Partners, and focus primarily on investing in the debt securities of private companies throughout the United States.

For more FS Investments news, visit their directory page here.