Stock Monitor: North European Oil Royalty Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 13, 2017 / Active-Investors issued a free report on FS Investment Corp. (NYSE: FSIC), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=FSIC as the Company's latest news hit the wire. On December 11, 2017 the Company announced that it has partnered with EIG Global Energy Partners ("EIG") to form a Joint Venture. EIG is a global alternative investment firm focused on energy and energy-related infrastructure. Sign up now for our free research reports at:
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Commenting on the formation of the JV with EIG, Michael Forman, Chairman and CEO of FS Investments, said:
"As a leading provider of institutional capital in the global energy industry, EIG is a perfect partner to jointly manage FSEP given the firm's sector expertise, global reach and scale. We look forward to working together to transition the FSEP portfolio with an eye toward enhancing returns, reducing risk, and creating a liquidity event for our investors through a public listing."
William Sonneborn, President of EIG, added:
"We are honored that after an extensive search, FS Investments and the board of FSEP chose EIG as their partner. We believe that as an integrated team we can improve the existing portfolio and its returns to FSEP investors."
Details of the FSIC-EIG JV
The scope of the FSIC-EIG JV is to create a platform to offer flexible financing solutions for companies in the energy sector. The JV platform will have the scale, flexibility, and energy industry expertise to be able to cater to financing needs of energy and infrastructure Companies across the capital structure. After the JV is formed both companies are expecting to generate fresh deals that will impact the investment portfolio positively and contribute by creating long term value for investors of FS Energy and Power Fund (FSEP).
As per the terms of the agreement, FSIC and EIG will provide investment advisory services to FSEP, subject to receiving approval from shareholders. Additionally, EIG has applied for new exemptive relief order which will allow FSEP to co-invest with EIG's other funds and accounts.
The board of trustees of FSEP has given their approval for this new investment advisory agreement with the FSIC-EIG JV. Later, in January 2018, FSEP plans to start soliciting shareholders' approval for this new investment advisory agreement. Till such time that FSEP is covered under the new investment advisory agreement with the FSIC-EIG JV, EIG will be providing non-advisory services to FSEP.
Due to its partnership with EIG, FSIC has ended its relationship with GSO Capital Partners ("GSO") and signed an agreement for the same. Following the termination of agreement with GSO will no longer be associated with any of FSIC's sponsored funds that are sub-advised by GSO. All parties involved, i.e. FSIC, GSO, and EIG, will ensure the smooth transition and will work in close cooperation to this end. Michael Forman thanked GSO for creating significant value for its investors and borrowers during their partnership with FSIC.
FSIC partners with KKR & Co. L.P
In a separate communication by FSIC on the same day, it announced the signing of an agreement with KKR & Co. L.P. (NYSE:KKR) to create an $18 billion middle market business development Companies (BDC) platform. As per the terms of the agreement, the FSIC-KKR platform will offer investment advisory services to four BDCs managed by FS Investments including FS Investment ("FSIC"), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III), and FS Investment Corporation IV (FSIC IV), and a BDC currently managed by KKR - Corporate Capital Trust, Inc. (NYSE:CCT). Corporate Capital Trust II (CCT II), which is currently advised by CNL and sub-advised by KKR, will get a chance to be covered by this agreement subject to approvals from the Board and shareholders. The agreement will allow FSIC to co-invest its funds with KKR's other funds and accounts. The Board of Trustees of the above-mentioned funds have approved the new investment advisory agreements. The funds plan to solicit shareholders' approval for these new agreements from January 2018.
Andrew Beckham to lead FS Global Credit Opportunities Fund
FSIC also announced the appointment of Andrew Beckham as Head of Liquid Credit and Portfolio Manager. He will head the FSIC's team which provides investment advisory services to FS Global Credit Opportunities Fund, a $2 billion closed-end fund. He is a seasoned liquid credit portfolio manager with deep experience and a strong track record in special situations and event-driven strategies.
About EIG Global Energy Partners
Washington, D.C based EIG specializes in private investments in energy and energy-related infrastructure globally. It has over $17 billion assets under management as on September 30, 2017. It offers institutional capital and financing solutions to Companies and projects in the oil and gas, midstream, infrastructure, power and renewables sectors. It has offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong, and Seoul.
About FS Investment Corp.
Philadelphia, Pennsylvania based FS Investments is a leading alternative investment manager with more than $20 billion in assets under management. It is dedicated to helping individuals, financial professionals, and institutions design better portfolios and have access to alternative sources of income and growth. It has offices in New York, Orlando and Washington, DC
About KKR & Co. L.P.
New York based KKR is a leading global investment firm. The firm manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic partners, hedge funds.
Stock Performance Snapshot
December 12, 2017 - At Tuesday's closing bell, FS Investment's stock was slightly down 0.64%, ending the trading session at $7.80.
Volume traded for the day: 2.34 million shares, which was above the 3-month average volume of 1.34 million shares.
After yesterday's close, FS Investment's market cap was at $1.94 billion.
Price to Earnings (P/E) ratio was at 8.72.
The stock has a dividend yield of 9.74%.
The stock is part of the Financial sector, categorized under the Diversified Investments industry. This sector was up 0.8% at the end of the session.
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