FS Energy and Power Fund Decreases Reinvestment Price

March 3, 2020 | Luke Schmidt | Blue Vault

Effective February 28, 2020, FS Energy and Power Fund (“FSEP”) decreased the price at which it issues shares under its distribution reinvestment plan from $5.50 per share to $5.40 per share. The price at which shares are issued under the distribution reinvestment plan is determined by the board of directors and is (i) not less than the net asset value per share determined immediately prior to the payment of the distribution and (ii) not more than 2.5% greater than the net asset value per share as of such date. The purpose of this decrease was to ensure that the Company did not issue shares under the distribution reinvestment plan at a price per share that was more than 2.5% greater than the NAV Per Share.

FSEP, a nontraded business development company, became effective in May of 2011.  Since inception and through the closing of its public offering in November of 2016, the Company raised cumulative capital of approximately $4.36 billion.  FSEP reported total assets of approximately $3.94 billion and total investments of $3.82 billion as of September 30, 2019.  The Company reported a total return through the first nine months of 2019 of 2.00%.

Source:  SEC, Blue Vault