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 firstname.lastname@example.org, or Cynthia M. Krus, a partner in Sutherland’s Corporate Group, at 202.383.0128 or email@example.com.
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