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FSIC II announces initial offering of 200 million shares at $10 each
By Toni Weeks
San Diego, Feb. 16 - FSIC II, a newly organized closed-end management company, said it is planning an offering of up to 200 million shares of common stock at an initial offering price of $10.00 per share.
FSIC has engaged FS2 Capital Partners, LLC as dealer manager in the best-efforts offering. The offering is contingent on a minimum $2.5 million of shares being sold; all must be from persons not affiliated with FSIC for one year.
FSIC's investment objects are to generate current income and, to a lesser extent, long-term capital appreciation by investing primarily in debt investments in a broad array of private U.S. companies, including small- and middle-market companies. The company said it will focus on established, stable enterprises with positive cash flows. The portfolio will consist primarily of investments in senior secured loans and second-lien secured loans of private U.S. companies and, to a lesser extent, in subordinated loans of private U.S. companies.
The company also said it is conducting a concurrent private placement of shares to board members and individuals and entities affiliated with FSIC.
The investment committee will include Michael C. Forman, David J. Adelman, Gerald F. Stahlecker and Ryan D. Conley.
The sales charge is 10%. Including other offering expenses, total stockholder transaction expenses will be 11.5%. The base management fee will be 3%. Including interest payments and other expenses, total annual expenses are expected to be 6.2%.
Philadelphia-based FSIC II Advisor, LLC, the investment manager, is a subsidiary of Franklin Square Holdings, LP.
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