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)