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Sutherland Represents FS Investment Corporation in Initial Public Offering

September 18, 2008

WASHINGTON (September 18, 2008)Sutherland represented FS Investment Corporation in connection with its initial public offering of up to 150,000,000 shares of its common stock for maximum proceeds of $1.5 billion in a “best efforts" continuous offering. 

This offering represents the first “non-listed" public offering by a business development company, or BDC. Similar to shares offered by non-listed real estate investment trusts, FS Investment Corporation’s shares will not be listed on a national securities exchange, and as a result, shareholders will not be subject to the share price volatility of the public market.  To provide liquidity to its shareholders, FS Investment Corporation intends to conduct quarterly tender offers pursuant to its share repurchase program.

FS Investment Corporation is a specialty finance company, based in Philadelphia, Pennsylvania, that provides debt and equity financing to small and middle-market private U.S. companies.

The Sutherland team representing FS Investment Corporation was led by Steven B. Boehm, Cynthia M. Krus, Owen J. Pinkerton and Hannah L. Orowitz.        

Inquiries related to this transaction may be directed to Steven B. Boehm, a partner in Sutherland’s Financial Services Group, at 202.383.0176 or steven.boehm@sutherland.com, or Cynthia M. Krus, a partner in Sutherland’s Corporate Group, at 202.383.0128 or cynthia.krus@sutherland.com.

SUTHERLAND ASBILL & BRENNAN LLP
Sutherland is a law firm with global reach known for solving challenging business problems and resolving unique legal issues for many of the world’s largest companies. Founded in 1924, the firm has grown to approximately 500 lawyers handling matters in every part of the world. Seven major practice areas — corporate, energy and environmental, financial services, intellectual property, litigation, real estate and tax — provide the framework that contains an extensive range of specialty areas, allowing its lawyers to serve a diverse client base that includes a number of Fortune 500 companies.

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