Nine Directors Resigning from FS Investment Corp. and Affiliated Companies
September 28, 2018 | James Sprow | Blue Vault
Gregory Chandler, Barry Frank, Philip Hughes Jr., and Pedro Ramos are resigning from FS Investment, while Robert Keith Jr., Paul Mendelson, John Stuart, Scott Tarte, and Stephen Burdumy are resigning from the board of FS Investment Corp. II. The resignations, which will be effective automatically under certain conditions, are not the result of any disagreement, the companies said.
Furthermore, FS Investment and its affiliated companies each also expanded their board sizes to 11 directors. FS Investment Corp. III and FS Investment Corp. IV expect to nominate certain current directors of one or more funds advised by FS/KKR Advisor LLC or an affiliate of FS Investments.
On September 26, 2018, the Board of FS Investment Corp. appointed each of Barbara Adams, Frederick Arnold, Brian R. Ford, Richard Goldstein, Jerel A. Hopkins, and James H. Kropp to fill the vacancies which may be created by the resignations of the Resigning Directors and the Board Expansion. Each of the New Directors is currently a director of one or more funds advised by FS/KKR Advisor, LLC or an affiliate of FS Investments.
On September 26, 2018, the Board of Directors of FS Investment Corporation III increased the size of the Board from 9 directors to 11 directors, effective automatically upon the election of the directors at the 2018 Annual Meeting of Stockholders. The Board expects to nominate each of the following directors for election at the Annual Meeting: (i) Barbara Adams, (ii) Frederick Arnold, (iii) Todd Builione, (iv) Brian R. Ford, (v) Michael C. Forman, (vi) Richard Goldstein, (vii) Michael J. Hagan, (viii) Jeffrey K. Harrow, (ix) Jerel A. Hopkins, (x) James H. Kropp and (xi) Joseph P. Ujobai. Each of the Director Nominees is currently a director of one or more funds advised by FS/KKR Advisor, LLC or an affiliate of FS Investments.
FS Investment Corporation is a listed BDC (NYSE: “FSIC”) investing primarily in senior secured loans and second lien secured loans of private U.S. companies. The BDC had total assets of $3.88 billion as of June 30, 2018. FS Investment Corporation is proposing a merger with Corporate Capital Trust, Inc. that will be voted on at the Annual Meeting of Stockholders on December 3, 2018.
FS Investment Corporation III is a nontraded BDC investing primarily in senior secured loans and second lien secured loans of private U.S. companies. The BDC had total assets of $3.71 billion as of June 30, 2018, invested in the private debt of 117 different companies.
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