Saturday, November 28, 2015

Closed fund opens: will Wall St. boost or dump Franklin Sq. shares?

Philly fund to list on NYSE

Closed fund opens: will Wall St. boost or dump Franklin Sq. shares?


FS Investment Corp., the $4.5 billion, Philadelphia-based investment company that buys high-interest-rate debt, run by investors Michael Forman's and David Adelson's Franklin Square Capital Partners, will send Forman to ring the opening bell at the New York Stock Exchange on Wednesday to mark the company's initial public stock offering, under the ticker symbol FSIC. Forman will be joined by Bennett Goodman, co-founder of GSO Capital Partners, the Blackstone affiliate that picks investments for FSIC. 

FSIC has until now traded as a closed-end fund, through brokers and advisors charging up-front and management fees. Investors will now be able to sell their FSIC shares, and see whether demand among investors hoping to profit from the stock outstrips the number looking to cash in their past gains. FSIC has sweetened returns by boosting its monthly cash payment to investors to 7.425 cents a share, from 7.2 cents, as of April, and will add one-time payments of 10 cents a share in August and November. (Corrected)

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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