Participates in $150 million unitranche loan to support acquisition by Morgan Stanley Capital Partners
FS Investments, a leading alternative asset manager, announced the origination of a $120 million senior secured unitranche loan to support investment funds managed by Morgan Stanley Global Private Equity’s acquisition of Cadence Education, Inc. Cadence Education is one of the premier providers of early childhood education in the U.S., focusing on the care and curriculum-based education of children between the ages of six weeks and twelve years old. The company’s national platform of over 150 schools has the capacity to serve more than 20,000 students across 20 different states.
The senior secured financing was provided by four business development companies (BDCs) managed by affiliates of FS Investments and sub-advised by an affiliate of GSO Capital Partners LP (GSO): FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III) and FS Investment Corporation IV (FSIC IV).
With approximately $16.5 billion in BDC assets under management as of June 30, 2016, FS Investments is the largest manager of BDCs.
ABOUT FS INVESTMENTS
FS Investments is a leading asset manager that designs alternative investments to help institutional, advisory and individual investors build better portfolios. Its solutions provide access to alternative asset classes and top managers through a spectrum of structures, including business development companies, closed-end credit funds and operating companies. The firm is dedicated to setting industry standards for investor-centric service, education and transparency.
FS Investments was founded in 2007 as Franklin Square Capital Partners. It is headquartered in Philadelphia with offices in Orlando and Washington, DC. The firm currently manages six funds with over $18 billion in assets under management as of June 30, 2016, and co-manages an operating company. Its affiliated broker-dealer, FS Investment Solutions, LLC (member FINRA/SIPC), distributes its offerings.
Visit fsinvestments.com to learn more.
ABOUT BLACKSTONE AND GSO
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $350 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
GSO Capital Partners LP is the global credit investment platform of Blackstone. With approximately $85 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.
Forward-Looking Statements and Important Disclosures
This press release may contain certain forward-looking statements, including statements with regard to the future performance or operations of FSIC, FSIC II, FSIC III, and FSIC IV. Words such as “believes,” “expects,” “projects” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings FSIC, FSIC II, FSIC III, or FSIC IV make with the U.S. Securities and Exchange Commission. FSIC, FSIC II, FSIC III, or FSIC IV undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.