PHILADELPHIA, Nov. 14, 2022 /PRNewswire/ — FS Investments, a Philadelphia-based alternative asset management firm with more than $35 billion in assets under management, today announced that FS Credit Opportunities Corp. (“FSCO”), a more than $2 billion closed-end fund investing in event-driven credit, special situations, private capital solutions and other non-traditional credit opportunities, began trading on the New York Stock Exchange (“NYSE”) under the ticker “FSCO.”
Michael Forman, Chairman & CEO of FS Investments commented, “We are pleased to list FSCO and provide liquidity for our shareholders while making FSCO’s differentiated credit strategy available to the public markets.”
Andrew Beckman, Head of Liquid Credit and Special Situations at FS Investments and Portfolio Manager for FSCO added, “We believe FSCO will be well received by the market because of its scale, exposure to both public and private credit, attractive target dividend yield, high allocation to senior secured debt and low average duration profile.”
In connection with the listing, FS Investments is lowering FSCO’s management fee from 1.5% to 1.35% and adjusting the hurdle rate for calculation of the incentive fee to be based on percentage of net assets rather than adjusted capital, consistent with other publicly traded closed-end funds. “We expect these measures will improve the investment experience for FSCO investors and look forward to continuing to deliver strong performance and a competitive yield through this differentiated strategy,” added Beckman.
About FS Investments
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Leawood, KS.
Ryan McDougald / Elizabeth Lake
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SOURCE FS Investments