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FS Investment Corporation III Reduces Distribution Reinvestment Price

December 5, 2018

FS Investment Corporation III Reduces Distribution Reinvestment Price

December 5, 2018 | James Sprow | Blue Vault

Effective November 30, 2018, FS Investment Corporation III decreased the price at which it issues shares under its distribution reinvestment plan from $8.05 per share to $8.00 per share. As previously disclosed by the Company, the price at which shares are issued under the plan is determined by the Company’s board of directors or a committee thereof, in its sole discretion, and is (i) not less than the net asset value per share determined in good faith by the Board or a committee thereof, in its sole discretion, immediately prior to the payment of the distribution and (ii) not more than 2.5% greater than the NAV Per Share as of such date. The purpose of this decrease was to ensure that the Company did not issue shares under the plan at a price per share that was more than 2.5% greater than the NAV Per Share.

On November 19, 2018, the Company filed a tender offer for up to the lesser of 7,038,102 shares of the Company’s issued and outstanding common stock or a number of shares that the Company can repurchase with the proceeds it receives from the sale of shares under its distribution reinvestment program during the three-month period ending on the expiration date of the offer, December 27, 2018. Quarterly tender offers are designed to provide a measure of liquidity to holders of the Company’s common stock.

The most recent price at which shares were issued pursuant to the Company’s distribution reinvestment plan on October 31, 2018 was $8.05 per share.

Source:  SEC

 

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