UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2012.
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER: 814-00757
FS Investment Corporation
(Exact name of registrant as specified in its charter)
| Maryland | 26-1630040 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Cira Centre
2929 Arch Street, Suite 675
Philadelphia, Pennsylvania 19104
(Address of principal executive office)
(215) 495-1150
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
| Non-accelerated filer | x (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
The issuer has 250,115,606 shares of common stock outstanding as of October 31, 2012.
| Page | ||||||
| 1 | ||||||
| Consolidated Balance Sheets as of September 30, 2012 (Unaudited) and December 31, 2011 |
1 | |||||
| 2 | ||||||
| 3 | ||||||
| 4 | ||||||
| Consolidated Schedules of Investments as of September 30, 2012 (Unaudited) and December 31, 2011 |
5 | |||||
| Notes to Unaudited Consolidated Financial Statements | 20 | |||||
| ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
46 | ||||
| ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 75 | ||||
| ITEM 4. |
CONTROLS AND PROCEDURES | 76 | ||||
| ITEM 1. |
LEGAL PROCEEDINGS | 77 | ||||
| ITEM 1A. |
RISK FACTORS | 77 | ||||
| ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 82 | ||||
| ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES | 82 | ||||
| ITEM 4. |
MINE SAFETY DISCLOSURES | 82 | ||||
| ITEM 5. |
OTHER INFORMATION | 82 | ||||
| ITEM 6. |
EXHIBITS | 83 | ||||
| SIGNATURES | 87 | |||||
| Item 1. | Financial Statements. |
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| September 30,
2012 (Unaudited) |
December 31, 2011 | |||||||
| Assets |
||||||||
| Investments, at fair value (amortized cost—$3,792,444 and $1,862,279, respectively) |
$ | 3,900,618 | $ | 1,844,358 | ||||
| Cash |
191,177 | 210,714 | ||||||
| Due from counterparty |
— | 69,684 | ||||||
| Receivable for investments sold and repaid |
98,638 | 1,404 | ||||||
| Interest receivable |
47,837 | 16,535 | ||||||
| Deferred financing costs |
8,447 | 551 | ||||||
| Receivable due on total return swap(1) |
— | 548 | ||||||
| Prepaid expenses and other assets |
181 | 431 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 4,246,898 | $ | 2,144,225 | ||||
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|
|
|
|||||
| Liabilities |
||||||||
| Unrealized depreciation on total return swap(1) |
$ | — | $ | 1,996 | ||||
| Payable for investments purchased |
198,640 | 64,367 | ||||||
| Credit facilities payable |
985,130 | 340,000 | ||||||
| Repurchase agreement payable(2) |
521,667 | 214,286 | ||||||
| Stockholder distributions payable |
16,868 | 10,543 | ||||||
| Management fees payable |
19,114 | 9,572 | ||||||
| Accrued capital gains incentive fee(3) |
33,920 | — | ||||||
| Administrative services expense payable |
1,609 | 154 | ||||||
| Interest payable |
5,711 | 2,525 | ||||||
| Other accrued expenses and liabilities |
2,318 | 1,890 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,784,977 | 645,333 | ||||||
|
|
|
|
|
|||||
| Stockholders’ equity |
||||||||
| Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding |
— | — | ||||||
| Common stock, $0.001 par value, 450,000,000 shares authorized, 249,901,594 and 160,390,540 shares issued and outstanding, respectively |
250 | 160 | ||||||
| Capital in excess of par value |
2,378,136 | 1,517,365 | ||||||
| Accumulated undistributed net realized gains on investments and total return swap and gain/loss on foreign currency |
16,687 | — | ||||||
| Accumulated undistributed (distributions in excess of) net investment income(4) |
(41,326 | ) | 1,284 | |||||
| Net unrealized appreciation (depreciation) on investments and total return swap and gain/loss on foreign currency |
108,174 | (19,917 | ) | |||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
2,461,921 | 1,498,892 | ||||||
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|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 4,246,898 | $ | 2,144,225 | ||||
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|
|||||
| Net asset value per share of common stock at period end |
$ | 9.85 | $ | 9.35 | ||||
| (1) | See Note 8 for a discussion of the Company’s total return swap agreement, which was terminated on August 29, 2012. |
| (2) | See Note 12 for a discussion of the Company’s repurchase transaction. |
| (3) | See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fee. |
| (4) | See Note 5 for a discussion of the sources of distributions paid by the Company. |
See notes to unaudited consolidated financial statements.
1
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended September 30, |
Nine
Months Ended September 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Investment Income |
||||||||||||||||
| Interest income |
$ | 84,015 | $ | 33,295 | $ | 197,548 | $ | 76,209 | ||||||||
| Dividend income |
— | — | 56 | — | ||||||||||||
|
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|
|
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|
|
|
|||||||||
| Total investment income |
84,015 | 33,295 | 197,604 | 76,209 | ||||||||||||
|
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|
|
|
|||||||||
| Operating expenses |
||||||||||||||||
| Management fees |
19,021 | 7,432 | 46,570 | 18,216 | ||||||||||||
| Capitals gains incentive fees(1) |
17,421 | (7,974 | ) | 33,920 | (4,063 | ) | ||||||||||
| Administrative services expenses |
1,782 | 915 | 4,116 | 1,903 | ||||||||||||
| Stock transfer agent fees |
910 | 448 | 2,731 | 1,138 | ||||||||||||
| Accounting and administrative fees |
280 | 298 | 1,126 | 692 | ||||||||||||
| Interest expense |
7,744 | 2,922 | 18,271 | 7,382 | ||||||||||||
| Other general and administrative expenses |
2,101 | 945 | 4,699 | 2,309 | ||||||||||||
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|
|||||||||
| Total operating expenses |
49,259 | 4,986 | 111,433 | 27,577 | ||||||||||||
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|
|||||||||
| Net investment income |
34,756 | 28,309 | 86,171 | 48,632 | ||||||||||||
|
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|||||||||
| Realized and unrealized gain/loss |
||||||||||||||||
| Net realized gain (loss) on investments |
10,259 | 2,433 | 14,853 | 22,456 | ||||||||||||
| Net realized gain (loss) on total return swap(2) |
9,729 | 1,895 | 19,596 | 1,895 | ||||||||||||
| Net realized gain (loss) on foreign currency |
521 | — | 534 | — | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
69,216 | (63,164 | ) | 126,095 | (64,728 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on total return swap(2) |
(2,453 | ) | (8,887 | ) | 1,996 | (7,600 | ) | |||||||||
| Net change in unrealized gain (loss) on foreign currency |
(261 | ) | (72 | ) | — | 1 | ||||||||||
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| Total net realized and unrealized gain/loss on investments |
87,011 | (67,795 | ) | 163,074 | (47,976 | ) | ||||||||||
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| Net increase (decrease) in net assets resulting from operations |
$ | 121,767 | $ | (39,486 | ) | $ | 249,245 | $ | 656 | |||||||
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| Per share information — basic and diluted |
||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | 0.49 | $ | (0.37 | ) | $ | 1.13 | $ | 0.01 | |||||||
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| Weighted average shares outstanding |
248,310,640 | 106,877,357 | 219,768,484 | 77,057,690 | ||||||||||||
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| (1) | See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fee. |
| (2) | See Note 8 for a discussion of the Company’s total return swap agreement, which was terminated on August 29, 2012. |
See notes to unaudited consolidated financial statements.
2
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands)
| Nine Months Ended September 30, |
||||||||
| 2012 | 2011 | |||||||
| Operations |
||||||||
| Net investment income |
$ | 86,171 | $ | 48,632 | ||||
| Net realized gain (loss) on investments, total return swap and foreign currency(1) |
34,983 | 24,351 | ||||||
| Net change in unrealized appreciation (depreciation) on investments |
126,095 | (64,728 | ) | |||||
| Net change in unrealized appreciation (depreciation) on total return swap(1) |
1,996 | (7,600 | ) | |||||
| Net change in unrealized gain (loss) on foreign currency |
— | 1 | ||||||
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|
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| Net increase (decrease) in net assets resulting from operations |
249,245 | 656 | ||||||
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| Stockholder distributions(2) |
||||||||
| Distributions from net investment income |
(128,781 | ) | (48,572 | ) | ||||
| Distributions from net realized gain on investments |
(18,296 | ) | (4,021 | ) | ||||
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| Net decrease in net assets resulting from stockholder distributions |
(147,077 | ) | (52,593 | ) | ||||
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| Capital share transactions |
||||||||
| Issuance of common stock |
803,348 | 787,570 | ||||||
| Reinvestment of stockholder distributions |
72,417 | 21,661 | ||||||
| Repurchases of common stock |
(11,670 | ) | (3,253 | ) | ||||
| Offering costs |
(3,234 | ) | (3,997 | ) | ||||
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| Net increase in net assets resulting from capital share transactions |
860,861 | 801,981 | ||||||
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| Total increase in net assets |
963,029 | 750,044 | ||||||
| Net assets at beginning of period |
1,498,892 | 389,232 | ||||||
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| Net assets at end of period |
$ | 2,461,921 | $ | 1,139,276 | ||||
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| (1) | See Note 8 for a discussion of the Company’s total return swap agreement, which was terminated on August 29, 2012. |
| (2) | See Note 5 for a discussion of the sources of distributions paid by the Company. |
See notes to unaudited consolidated financial statements.
3
Unaudited Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, |
||||||||
| 2012 | 2011 | |||||||
| Cash flows from operating activities |
||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | 249,245 | $ | 656 | ||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |
||||||||
| Purchases of investments |
(2,837,344 | ) | (1,416,863 | ) | ||||
| Paid-in-kind interest |
(2,432 | ) | (1,316 | ) | ||||
| Proceeds from sales and repayments of investments |
937,138 | 783,196 | ||||||
| Net realized (gain) loss on investments |
(14,853 | ) | (22,456 | ) | ||||
| Net change in unrealized (appreciation) depreciation on investments |
(126,095 | ) | 64,728 | |||||
| Net change in unrealized (appreciation) depreciation on total return swap(1) |
(1,996 | ) | 7,600 | |||||
| Net change in unrealized (gain) loss on foreign currency |
— | (1 | ) | |||||
| Accretion of discount |
(12,674 | ) | (7,645 | ) | ||||
| Amortization of deferred financing costs |
1,192 | 653 | ||||||
| (Increase) decrease in due from counterparty |
69,684 | (69,673 | ) | |||||
| (Increase) decrease in receivable for investments sold and repaid |
(97,234 | ) | 1,867 | |||||
| (Increase) decrease in interest receivable |
(31,302 | ) | (10,418 | ) | ||||
| (Increase) decrease in receivable due on total return swap(1) |
548 | (374 | ) | |||||
| (Increase) decrease in prepaid expenses and other assets |
250 | (16 | ) | |||||
| Increase (decrease) in payable for investments purchased |
134,273 | (5,448 | ) | |||||
| Increase (decrease) in management fees payable |
9,542 | 4,123 | ||||||
| Increase (decrease) in accrued capital gains incentive fee |
33,920 | (5,459 | ) | |||||
| Increase (decrease) in administrative services expense payable |
1,455 | 484 | ||||||
| Increase (decrease) in interest payable |
3,186 | 841 | ||||||
| Increase (decrease) in other accrued expenses and liabilities |
428 | 1,065 | ||||||
|
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| Net cash used in operating activities |
(1,683,069 | ) | (674,456 | ) | ||||
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| Cash flows from financing activities |
||||||||
| Issuance of common stock |
803,348 | 787,570 | ||||||
| Reinvestment of stockholder distributions |
72,417 | 21,661 | ||||||
| Repurchases of common stock |
(11,670 | ) | (3,253 | ) | ||||
| Offering costs |
(3,234 | ) | (3,997 | ) | ||||
| Payments to investment adviser for offering and organization costs(2) |
— | (641 | ) | |||||
| Stockholder distributions |
(140,752 | ) | (46,970 | ) | ||||
| Borrowings under credit facilities(3) |
645,130 | 42,799 | ||||||
| Borrowings under repurchase agreement(4) |
307,381 | 109,286 | ||||||
| Deferred financing costs paid |
(9,088 | ) | (618 | ) | ||||
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| Net cash provided by financing activities |
1,663,532 | 905,837 | ||||||
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| Total increase in cash |
(19,537 | ) | 231,381 | |||||
| Cash at beginning of period |
210,714 | 38,790 | ||||||
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| Cash at end of period |
$ | 191,177 | $ | 270,171 | ||||
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| Supplemental disclosure |
||||||||
| Local and excise taxes paid |
$ | 761 | $ | — | ||||
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| (1) | See Note 8 for a discussion of the Company’s total return swap agreement, which was terminated on August 29, 2012. |
| (2) | See Note 4 for a discussion of reimbursements paid by the Company to its investment adviser and affiliates. |
| (3) | See Notes 8, 10 and 13 for a discussion of the Company’s credit facilities. During the nine months ended September 30, 2012, the Company paid $6,104 in interest expense on the credit facilities. |
| (4) | See Note 12 for a discussion of the Company’s repurchase transaction. During the nine months ended September 30, 2012, the Company paid $7,789 in interest expense pursuant to the repurchase agreement. |
See notes to unaudited consolidated financial statements.
4
Unaudited Consolidated Schedule of Investments
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Senior Secured Loans—First Lien—86.4% |
||||||||||||||
| A.P. Plasman Inc., L+850, 1.5% LIBOR Floor, 12/29/16(f)(h)(j) |
Industrials | $ | 54,175 | $ | 53,222 | $ | 54,717 | |||||||
| Academy, Ltd., L+450, 1.5% LIBOR Floor, 8/3/18(d)(e) |
Consumer Discretionary | 9,870 | 9,839 | 9,923 | ||||||||||
| AccentCare, Inc., L+500, 1.5% LIBOR Floor, 12/22/16(d) |
Healthcare | 2,053 | 1,851 | 1,693 | ||||||||||
| ADS Waste Holdings, Inc., L+400, 1.3% LIBOR Floor, 9/11/19(i) |
Industrials | 5,293 | 5,240 | 5,331 | ||||||||||
| Advance Pierre Foods, Inc., L+525, 1.8% LIBOR Floor, 9/30/16(e) |
Consumer Staples | 4,826 | 4,759 | 4,849 | ||||||||||
| Advantage Sales & Marketing Inc., L+375, 1.5% LIBOR Floor, 12/18/17(d) |
Industrials | 4,562 | 4,555 | 4,592 | ||||||||||
| Airvana Network Solutions Inc., L+800, 2.0% LIBOR Floor, 3/25/15(f)(i) |
Telecommunication Services | 10,754 | 10,551 | 10,799 | ||||||||||
| Airxcel Holdings Corp., L+575, 2.0% LIBOR Floor, 2/23/16(f) |
Consumer Discretionary | 1,872 | 1,855 | 1,825 | ||||||||||
| AlixPartners, LLP, L+525, 1.3% LIBOR Floor, 6/28/19(d)(e)(f) |
Financials | 14,963 | 14,815 | 15,199 | ||||||||||
| Alkermes, Inc., L+350, 1.0% LIBOR Floor, 9/18/19(d)(i)(j) |
Healthcare | 4,211 | 4,168 | 4,237 | ||||||||||
| Allen Systems Group, Inc., L+575, 1.8% LIBOR Floor, 11/20/15(d)(g) |
Information Technology | 6,932 | 6,741 | 6,706 | ||||||||||
| Alliant Holdings I, Inc., L+500, 1.8% LIBOR Floor, 8/21/14(d) |
Financials | 3,339 | 3,339 | 3,349 | ||||||||||
| Allied Security Holdings, LLC, L+400, 1.3% LIBOR Floor, 2/3/17(d) |
Industrials | 3,861 | 3,842 | 3,864 | ||||||||||
| Altegrity, Inc., L+600, 1.8% LIBOR Floor, 2/20/15(d)(e) |
Industrials | 10,121 | 10,069 | 10,116 | ||||||||||
| American & Efird Global, LLC, L+900, 1.5% LIBOR Floor, 12/21/16(f)(h) |
Consumer Discretionary | 43,960 | 42,989 | 44,400 | ||||||||||
| American Racing and Entertainment, LLC Term Loan A, L+700, 6/30/14(f) |
Consumer Discretionary | 14,750 | 14,750 | 14,676 | ||||||||||
| American Racing and Entertainment, LLC Term Loan B, 9.0%, 6/30/14(f) |
Consumer Discretionary | 7,750 | 7,750 | 7,750 | ||||||||||
| American Racing and Entertainment, LLC Term Loan C, 9.0%, 6/30/14(f) |
Consumer Discretionary | 1,100 | 1,100 | 1,100 | ||||||||||
| Applied Systems, Inc., L+400, 1.5% LIBOR Floor, 12/8/16(d) |
Information Technology | 3,515 | 3,498 | 3,527 | ||||||||||
| Aptalis Pharma Inc., L+400, 1.5% LIBOR Floor, 2/10/17(d) |
Healthcare | 6,848 | 6,809 | 6,865 | ||||||||||
| Ardent Medical Services, Inc., L+500, 1.5% LIBOR Floor, 9/15/15(d)(e) |
Healthcare | 13,248 | 13,157 | 13,347 | ||||||||||
| Aspect Software, Inc., L+450, 1.8% LIBOR Floor, 5/6/16(d)(e) |
Information Technology | 9,435 | 9,206 | 9,323 | ||||||||||
| Asurion, LLC, L+400, 1.5% LIBOR Floor, 5/24/18(d) |
Financials | 4,716 | 4,727 | 4,753 | ||||||||||
| Attachmate Corp., L+575, 1.5% LIBOR Floor, 11/22/17(d)(e) |
Information Technology | 18,644 | 18,288 | 18,836 | ||||||||||
| Audio Visual Services Group, Inc., L+225, 2/28/14(g)(h) |
Information Technology | 6,798 | 6,095 | 6,138 | ||||||||||
| Avaya Inc., L+275, 10/24/14(d)(e) |
Information Technology | 4,554 | 4,438 | 4,433 | ||||||||||
| Avaya Inc., L+450, 10/26/17(d)(e) |
Information Technology | 16,036 | 14,486 | 14,682 | ||||||||||
| Aveta Inc., L+650, 2.0% LIBOR Floor, 4/4/17(e)(h) |
Healthcare | 19,163 | 18,885 | 19,330 | ||||||||||
| Avis Budget Car Rental, LLC, L+500, 1.3% LIBOR Floor, 9/22/18(d)(e)(j) |
Consumer Discretionary | 4,950 | 4,917 | 4,995 | ||||||||||
| AZ Chem U.S. Inc., L+575, 1.5% LIBOR Floor, 12/22/17(h) |
Materials | 3,936 | 3,830 | 4,024 | ||||||||||
| Barbri, Inc., L+450, 1.5% LIBOR Floor, 6/16/17(d) |
Consumer Discretionary | 3,227 | 3,219 | 3,235 | ||||||||||
| Barrington Broadcasting Group LLC, L+600, 1.5% LIBOR Floor, 6/14/17(f) |
Consumer Discretionary | 2,889 | 2,812 | 2,921 | ||||||||||
| Bausch & Lomb Inc., L+425, 1.0% LIBOR Floor, 5/17/19(d) |
Healthcare | 1,988 | 1,994 | 2,013 | ||||||||||
| BBB Industries, LLC, L+450, 2.0% LIBOR Floor, 6/27/14(f) |
Consumer Discretionary | 8,047 | 7,999 | 7,805 | ||||||||||
| BJ’s Wholesale Club, Inc., L+450, 1.3% LIBOR Floor, 9/20/19(d)(e)(i) |
Consumer Discretionary | 20,000 | 19,799 | 20,127 | ||||||||||
| Blackboard Inc., L+600, 1.5% LIBOR Floor, 10/4/18(d)(e)(f)(h) |
Information Technology | 44,535 | 41,587 | 45,008 | ||||||||||
| BostonMed Acquisition GmbH, L+475, 1.3% LIBOR Floor, 7/27/19(d)(j) |
Healthcare | 5,366 | 5,339 | 5,414 | ||||||||||
| Boyd Gaming Corp., L+475, 1.3% LIBOR Floor, 12/17/15(d)(e)(j) |
Consumer Discretionary | 5,984 | 5,886 | 6,069 | ||||||||||
| Brasa (Holdings) Inc., L+625, 1.3% LIBOR Floor, 7/19/19(d) |
Consumer Discretionary | 5,833 | 5,761 | 5,863 | ||||||||||
| Brock Holdings III, Inc., L+450, 1.5% LIBOR Floor, 3/16/17(e) |
Energy | 4,778 | 4,753 | 4,803 | ||||||||||
| Burlington Coat Factory Warehouse Corp., L+425, 1.3% LIBOR Floor, 2/23/17(d) |
Consumer Discretionary | 4,022 | 4,029 | 4,073 | ||||||||||
| Bushnell Inc., L+425, 1.5% LIBOR Floor, 8/24/15(d) |
Consumer Discretionary | 7,581 | 7,323 | 7,581 | ||||||||||
| Caesars Entertainment Operating Co., L+425, 1/26/18(d)(e)(f)(j) |
Consumer Discretionary | 19,166 | 16,621 | 16,821 | ||||||||||
| Calpine Corp., L+325, 1.3% LIBOR Floor, 9/28/19(d)(i)(j) |
Energy | 3,000 | 2,985 | 3,023 | ||||||||||
| Cannery Casino Resorts, LLC, L+475, 1.3% LIBOR Floor, 10/2/18(d)(i) |
Consumer Discretionary | 4,000 | 3,960 | 4,005 | ||||||||||
| CCC Information Services Inc., L+425, 1.5% LIBOR Floor, 11/11/15(d) |
Information Technology | 2,561 | 2,552 | 2,569 | ||||||||||
| CCM Merger, Inc., L+475, 1.3% LIBOR Floor, 3/1/17(d) |
Consumer Discretionary | 4,759 | 4,704 | 4,818 | ||||||||||
| Cenveo Corp., L+513, 1.5% LIBOR Floor, 12/21/16(e) |
Consumer Discretionary | 5,430 | 5,391 | 5,439 | ||||||||||
| Chrysler Group LLC, L+475, 1.3% LIBOR Floor, 5/24/17(d)(e)(f)(h) |
Industrials | 28,001 | 26,942 | 28,629 | ||||||||||
5
See notes to unaudited consolidated financial statements.
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Citgo Petroleum Corp., L+600, 2.0% LIBOR Floor, 6/24/15(e)(j) |
Energy | $ | 3,161 | $ | 3,195 | $ | 3,193 | |||||||
| Citgo Petroleum Corp., L+700, 2.0% LIBOR Floor, 6/23/17(e)(f)(j) |
Energy | 8,773 | 8,741 | 8,944 | ||||||||||
| Clear Channel Communications, Inc., L+365, 1/28/16(e)(f)(i) |
Consumer Discretionary | 31,811 | 25,300 | 26,107 | ||||||||||
| Collective Brands, Inc., L+600, 1.3% LIBOR Floor, 9/30/19(f)(i)(j) |
Consumer Discretionary | 10,820 | 10,657 | 10,860 | ||||||||||
| CompuCom Systems, Inc., L+350, 8/23/14(d) |
Information Technology | 1,739 | 1,697 | 1,748 | ||||||||||
| Consolidated Container Co. LLC, L+500, 1.3% LIBOR Floor, 7/3/19(d) |
Industrials | 4,074 | 4,079 | 4,134 | ||||||||||
| The Container Store, Inc., L+500, 1.3% LIBOR Floor, 4/5/19(d)(e) |
Consumer Discretionary | 13,097 | 13,032 | 13,114 | ||||||||||
| Corel Corp., L+700, 5/2/14(d)(j) |
Information Technology | 9,700 | 9,642 | 9,749 | ||||||||||
| Crestwood Holdings LLC, L+825, 1.5% LIBOR Floor, 3/26/18(f) |
Energy | 16,963 | 16,870 | 17,251 | ||||||||||
| Del Monte Foods Co., L+300, 1.5% LIBOR Floor, 3/8/18(d) |
Consumer Staples | 2,876 | 2,830 | 2,881 | ||||||||||
| Deluxe Entertainment Services Group Inc., L+650, 1.5% LIBOR Floor, 7/3/17(h) |
Consumer Discretionary | 11,292 | 10,886 | 11,200 | ||||||||||
| DigitalGlobe, Inc., L+450, 1.3% LIBOR Floor, 10/7/18(d)(j) |
Telecommunication Services | 1,241 | 1,242 | 1,246 | ||||||||||
| Drumm Investors LLC, L+375, 1.3% LIBOR Floor, 5/4/18(d)(f)(i) |
Healthcare | 17,296 | 16,299 | 16,720 | ||||||||||
| Dynegy Holdings Inc. (GasCo), L+775, 1.5% LIBOR Floor, 8/5/16(f) |
Energy | 7,932 | 8,105 | 8,352 | ||||||||||
| Eastman Kodak Co., L+750, 1.0% LIBOR Floor, 7/19/13(g)(i) |
Information Technology | 7,267 | 7,199 | 7,173 | ||||||||||
| Education Management LLC, L+400, 6/1/16(f)(j) |
Consumer Discretionary | 3,989 | 3,194 | 3,371 | ||||||||||
| Education Management LLC, L+700, 1.3% LIBOR Floor, 3/29/18(e)(j) |
Consumer Discretionary | 15,913 | 15,836 | 14,233 | ||||||||||
| Electrical Components International, Inc., L+525, 1.5% LIBOR Floor, 2/4/16(f) |
Industrials | 235 | 217 | 234 | ||||||||||
| Electrical Components International, Inc., L+525, 1.5% LIBOR Floor, 2/4/17(g) |
Industrials | 3,582 | 3,290 | 3,555 | ||||||||||
| Entercom Radio, LLC, L+500, 1.3% LIBOR Floor, 11/23/18(d)(e)(f)(j) |
Consumer Discretionary | 5,308 | 5,279 | 5,377 | ||||||||||
| EquiPower Resources Holdings, LLC, L+500, 1.5% LIBOR Floor, 12/21/18(d) |
Utilities | 4,988 | 5,009 | 5,062 | ||||||||||
| Fairmount Minerals, Ltd., L+400, 1.3% LIBOR Floor, 3/15/17(d) |
Materials | 1,458 | 1,445 | 1,460 | ||||||||||
| Fairway Group Acquisition Co., L+675, 1.5% LIBOR Floor, 8/17/18(d)(f)(h) |
Consumer Discretionary | 23,888 | 23,571 | 24,127 | ||||||||||
| FGI Operating Co., LLC, L+425, 1.3% LIBOR Floor, 4/19/19(d) |
Consumer Discretionary | 2,661 | 2,670 | 2,687 | ||||||||||
| Fibertech Networks, LLC, L+450, 1.3% LIBOR Floor, 11/30/16(f) |
Telecommunication Services | 2,819 | 2,826 | 2,848 | ||||||||||
| First Data Corp., L+400, 3/23/18(e) |
Information Technology | 5,465 | 4,939 | 5,214 | ||||||||||
| First Data Corp., L+500, 3/24/17(e) |
Information Technology | 490 | 422 | 490 | ||||||||||
| Flanders Corp., L+950, 1.5% LIBOR Floor, 5/16/18(f)(h) |
Industrials | 39,293 | 38,363 | 39,489 | ||||||||||
| Fleetgistics Holdings, Inc., L+588, 2.0% LIBOR Floor, 3/23/15(f) |
Industrials | 2,276 | 2,257 | 2,241 | ||||||||||
| Flexera Software, Inc., L+625, 1.3% LIBOR Floor, 9/29/17(d) |
Information Technology | 2,940 | 2,938 | 2,955 | ||||||||||
| Florida Gaming Centers, Inc., 15.8%, 4/25/16(f) |
Consumer Discretionary | 12,517 | 12,332 | 12,267 | ||||||||||
| Frac Tech International, LLC, L+475, 1.5% LIBOR Floor, 5/6/16(d)(e)(g) |
Energy | 13,413 | 12,459 | 12,963 | ||||||||||
| Fram Group Holdings Inc., L+500, 1.5% LIBOR Floor, 7/29/17(d)(i) |
Industrials | 1,995 | 1,955 | 1,987 | ||||||||||
| Freescale Semiconductor, Inc., L+425, 12/1/16(e)(j) |
Industrials | 1,896 | 1,799 | 1,857 | ||||||||||
| FREIF North American Power I LLC (TLB), L+450, 1.5% LIBOR Floor, 3/29/19(d) |
Energy | 5,581 | 5,595 | 5,651 | ||||||||||
| FREIF North American Power I LLC (TLC), L+450, 1.5% LIBOR Floor, 3/29/19(d) |
Energy | 880 | 882 | 891 | ||||||||||
| Generac Power Systems, Inc., L+500, 1.3% LIBOR Floor, 2/9/19(d)(j) |
Consumer Discretionary | 3,571 | 3,642 | 3,603 | ||||||||||
| Genesys Telecom Holdings, U.S., Inc., L+525, 1.5% LIBOR Floor, 1/31/19(d)(e) |
Telecommunication Services | 4,117 | 4,085 | 4,181 | ||||||||||
| Getty Images, Inc., L+375, 1.5% LIBOR Floor, 11/7/16(d) |
Consumer Discretionary | 1,406 | 1,406 | 1,409 | ||||||||||
| Goodman Global, Inc., L+400, 1.8% LIBOR Floor, 10/28/16(d) |
Consumer Discretionary | 3,082 | 3,089 | 3,095 | ||||||||||
| Gymboree Corp., L+350, 1.5% LIBOR Floor, 2/23/18(d) |
Consumer Discretionary | 9,501 | 8,625 | 9,287 | ||||||||||
| Halifax Media Holdings LLC, L+1050, 0.8% LIBOR Floor, 6/30/16(f)(h) |
Consumer Discretionary | 17,041 | 16,683 | 16,700 | ||||||||||
| Hamilton Lane Advisors, LLC, L+500, 1.5% LIBOR Floor, 2/23/18(d) |
Financials | 5,265 | 5,239 | 5,265 | ||||||||||
| Harbor Freight Tools USA, Inc., L+425, 1.3% LIBOR Floor, 12/22/17(d) |
Consumer Discretionary | 7,692 | 7,691 | 7,744 | ||||||||||
| HarbourVest Partners L.P., L+475, 1.5% LIBOR Floor, 12/16/16(d) |
Financials | 8,520 | 8,510 | 8,541 | ||||||||||
| Harland Clarke Holdings Corp., L+250, 6/30/14(e)(f) |
Industrials | 10,717 | 9,734 | 10,167 | ||||||||||
| Hawaiian Telcom Communications, Inc., L+575, 1.3% LIBOR Floor, 2/28/17(d)(f)(h) |
Telecommunication Services | 17,021 | 16,900 | 17,287 | ||||||||||
| HCR Healthcare LLC, L+350, 1.5% LIBOR Floor, 4/6/18(f) |
Healthcare | 3,124 | 3,093 | 3,095 | ||||||||||
| The Hillman Group, Inc., L+350, 1.5% LIBOR Floor, 5/27/16(d) |
Consumer Discretionary | 1,369 | 1,367 | 1,380 | ||||||||||
| Hubbard Radio, LLC, L+375, 1.5% LIBOR Floor, 4/28/17(d) |
Telecommunication Services | 1,218 | 1,219 | 1,232 | ||||||||||
See notes to unaudited consolidated financial statements.
6
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Hunter Fan Co., L+250, 4/16/14(d) |
Consumer Discretionary | $ | 3,967 | $ | 3,787 | $ | 3,841 | |||||||
| Hupah Finance Inc., L+500, 1.3% LIBOR Floor, 1/21/19(d)(e) |
Industrials | 15,361 | 15,228 | 15,611 | ||||||||||
| Hyland Software, Inc., L+475, 1.3% LIBOR Floor, 12/19/16(d) |
Information Technology | 8,409 | 8,388 | 8,440 | ||||||||||
| IASIS Healthcare LLC, L+375, 1.3% LIBOR Floor, 5/3/18(d) |
Healthcare | 7,456 | 7,322 | 7,486 | ||||||||||
| Ikaria Acquisition Inc., L+650, 1.3% LIBOR Floor, 9/18/17(d)(i) |
Healthcare | 3,977 | 3,957 | 3,987 | ||||||||||
| ILC Industries, LLC, L+600, 1.5% LIBOR Floor, 7/11/18(d)(h) |
Industrials | 10,156 | 9,959 | 10,122 | ||||||||||
| Immucor, Inc., L+450, 1.25% LIBOR Floor, 8/17/18(d)(e) |
Healthcare | 7,632 | 7,489 | 7,740 | ||||||||||
| INC Research, LLC, L+575, 1.3% LIBOR Floor, 7/12/18(d)(f) |
Healthcare | 16,788 | 16,511 | 16,966 | ||||||||||
| Ineos Finance Plc, L+525, 1.3% LIBOR Floor, 5/4/18(d)(e)(f)(j) |
Materials | 22,962 | 22,694 | 23,234 | ||||||||||
| Infogroup Inc., L+425, 1.5% LIBOR Floor, 5/25/18(d) |
Consumer Discretionary | 4,228 | 3,706 | 3,805 | ||||||||||
| Intelsat Jackson Holdings SA, L+375, 1.5% LIBOR Floor, 4/2/18(d)(j) |
Telecommunication Services | 2,963 | 2,964 | 2,973 | ||||||||||
| Intralinks, Inc., L+425, 1.5% LIBOR Floor, 6/15/14(f)(j) |
Information Technology | 1,036 | 927 | 1,037 | ||||||||||
| Inventiv Health, Inc., L+500, 1.5% LIBOR Floor, 8/4/16(d) |
Healthcare | 1,975 | 1,839 | 1,916 | ||||||||||
| inVentiv Health, Inc., L+525, 1.5% LIBOR Floor, 5/15/18(d)(e) |
Healthcare | 10,533 | 10,125 | 10,244 | ||||||||||
| Ipreo Holdings LLC, L+650, 1.5% LIBOR Floor, 8/7/17(d)(f) |
Information Technology | 18,655 | 18,366 | 18,889 | ||||||||||
| Jason Inc., L+625, 2.0% LIBOR Floor, 9/22/14(g) |
Industrials | 3,389 | 3,376 | 3,389 | ||||||||||
| JHCI Acquisition, Inc., L+250, 6/19/14(d) |
Industrials | 2,311 | 2,180 | 2,228 | ||||||||||
| KIK Custom Products Inc., L+225, 6/2/14(e)(j) |
Consumer Staples | 10,301 | 9,627 | 9,754 | ||||||||||
| Kinetic Concepts, Inc., L+575, 1.3% LIBOR Floor, 5/4/18(h) |
Healthcare | 3,606 | 3,458 | 3,663 | ||||||||||
| Kronos Inc., L+500, 1.3% LIBOR Floor, 12/28/17(d) |
Industrials | 7,464 | 7,473 | 7,520 | ||||||||||
| La Paloma Generating Co., LLC, L+550, 1.5% LIBOR Floor, 8/25/17(e)(f) |
Energy | 8,719 | 8,454 | 8,691 | ||||||||||
| Lantiq Deutschland GmbH, L+900, 2.0% LIBOR Floor, 11/16/15(f)(j) |
Information Technology | 24,048 | 22,728 | 22,004 | ||||||||||
| Lawson Software, Inc., L+500, 1.3% LIBOR Floor, 4/5/18(d)(i) |
Information Technology | 9,930 | 10,040 | 10,007 | ||||||||||
| Leading Edge Aviation Services, Inc., L+850, 1.5% LIBOR Floor, 4/5/18(d)(h) |
Industrials | 36,434 | 35,759 | 36,069 | ||||||||||
| Lord & Taylor Holdings LLC, L+450, 1.3% LIBOR Floor, 1/11/19(d) |
Consumer Discretionary | 848 | 852 | 856 | ||||||||||
| Maritime Telecommunications Network, Inc., L+600, 1.5% LIBOR Floor, 3/3/16(f) |
Telecommunication Services | 6,651 | 6,580 | 6,285 | ||||||||||
| MedAssets, Inc., L+375, 1.5% LIBOR Floor, 11/16/16(d)(j) |
Healthcare | 1,270 | 1,273 | 1,280 | ||||||||||
| Microsemi Corp., L+300, 1.0% LIBOR Floor, 2/2/18(d)(j) |
Industrials | 3,463 | 3,467 | 3,492 | ||||||||||
| MModal Inc., L+550, 1.3% LIBOR Floor, 8/15/19(e) |
Healthcare | 4,545 | 4,478 | 4,517 | ||||||||||
| Monitronics International, Inc., L+425, 1.3% LIBOR Floor, 3/16/18(d)(j) |
Consumer Discretionary | 4,815 | 4,840 | 4,874 | ||||||||||
| Mood Media Corp., Prime+450, 5/7/18(d)(j) |
Consumer Discretionary | 5,083 | 5,032 | 5,080 | ||||||||||
| National Vision, Inc., L+575, 1.3% LIBOR Floor, 8/2/18(d) |
Consumer Discretionary | 4,788 | 4,798 | 4,854 | ||||||||||
| Natural Products Group, LLC, Prime+400, 6.0% Prime Floor, 3/5/15(g) |
Consumer Discretionary | 1,482 | 1,410 | 1,423 | ||||||||||
| Navistar, Inc., L+550, 1.5% LIBOR Floor, 8/17/17(d)(e)(f)(h)(i)(j) |
Industrials | 22,167 | 22,096 | 22,460 | ||||||||||
| NCI Building Systems, Inc., L+675, 1.3% LIBOR Floor, 5/2/18(d)(e)(g)(h) |
Industrials | 28,077 | 27,201 | 28,000 | ||||||||||
| NCO Group, Inc., L+675, 1.3% LIBOR Floor, 4/3/18(e)(h) |
Information Technology | 19,900 | 19,527 | 20,043 | ||||||||||
| NPC International, Inc., L+400, 1.25% LIBOR Floor, 12/28/18(d)(e) |
Consumer Discretionary | 4,282 | 4,202 | 4,336 | ||||||||||
| NSH Merger Sub, Inc., L+650, 1.8% LIBOR Floor, 2/2/17(d)(f)(i) |
Healthcare | 19,042 | 18,861 | 18,755 | ||||||||||
| NuSil Technology LLC, L+400, 1.3% LIBOR Floor, 4/7/17(d) |
Materials | 3,432 | 3,415 | 3,439 | ||||||||||
| Nuveen Investments, Inc., L+550, 5/13/17(d) |
Financials | 9,000 | 9,004 | 8,957 | ||||||||||
| NXP BV, L+400, 1.3% LIBOR Floor, 3/19/19(d)(j) |
Industrials | 5,970 | 5,981 | 6,063 | ||||||||||
| NXP BV, L+425, 1.3% LIBOR Floor, 3/3/17(d)(j) |
Industrials | 2,357 | 2,382 | 2,412 | ||||||||||
| On Assignment, Inc., L+375, 1.3% LIBOR Floor, 5/15/19(d)(j) |
Industrials | 5,492 | 5,461 | 5,519 | ||||||||||
| Onex Carestream Finance L.P., L+350, 1.5% LIBOR Floor, 2/25/17(d)(f) |
Healthcare | 14,768 | 14,601 | 14,676 | ||||||||||
| OpenLink International, Inc., L+625, 1.5% LIBOR Floor, 10/30/17(f)(h) |
Information Technology | 7,262 | 7,132 | 7,326 | ||||||||||
| Orbitz Worldwide, Inc., L+300, 7/25/14(d)(j) |
Consumer Discretionary | 4,216 | 4,037 | 4,119 | ||||||||||
| Ozburn-Hessey Holding Co., LLC, L+625, 2.0% LIBOR Floor, 4/8/16(d)(f) |
Industrials | 6,312 | 6,116 | 6,060 | ||||||||||
| Panda Sherman Power, LLC, L+750, 1.5% LIBOR Floor, 9/13/18(d)(i) |
Energy | 9,273 | 9,189 | 9,319 | ||||||||||
| Panda Temple Power, LLC (TLA), Prime+600, 7/17/18(f) |
Energy | 3,000 | 3,000 | 3,030 | ||||||||||
| Party City Holdings Inc., L+450, 1.3% LIBOR Floor, 7/26/19(d)(e)(f) |
Consumer Discretionary | 16,635 | 16,552 | 16,874 | ||||||||||
See notes to unaudited consolidated financial statements.
7
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Pelican Products, Inc., L+550, 1.5% LIBOR Floor, 7/11/18(d) |
Industrials | $ | 2,980 | $ | 2,950 | $ | 2,970 | |||||||
| Peninsula Gaming LLC, L+450, 1.3% LIBOR Floor, 8/3/17(f)(i)(j) |
Consumer Discretionary | 4,605 | 4,559 | 4,683 | ||||||||||
| Pharmaceutical Product Development, Inc., L+500, 1.3% LIBOR Floor, 12/5/18(d)(e) |
Healthcare | 14,384 | 14,230 | 14,542 | ||||||||||
| PL Propylene LLC, L+575, 1.3% LIBOR Floor, 3/23/17(d)(j) |
Materials | 9,950 | 9,769 | 10,112 | ||||||||||
| Presidio, Inc., L+450, 1.3% LIBOR Floor, 3/31/17(d)(f)(g)(h) |
Industrials | 20,340 | 20,241 | 20,238 | ||||||||||
| Princeton Review, Inc., L+550, 1.5% LIBOR Floor, 12/7/14(g) |
Consumer Discretionary | 1,169 | 1,063 | 1,041 | ||||||||||
| Property Data (U.S.) I, Inc., L+550, 1.5% LIBOR Floor, 1/4/17(f) |
Information Technology | 4,295 | 4,248 | 4,252 | ||||||||||
| Protection One, Inc., L+450, 1.3% LIBOR Floor, 3/21/19(d) |
Consumer Discretionary | 5,050 | 5,065 | 5,120 | ||||||||||
| PRV Aerospace, LLC, L+525, 1.3% LIBOR Floor, 5/9/18(d) |
Industrials | 5,000 | 4,988 | 5,013 | ||||||||||
| RadNet Management, Inc., L+375, 2.0% LIBOR Floor, 4/6/16(d) |
Healthcare | 8,190 | 8,120 | 8,175 | ||||||||||
| RBS Holding Co. LLC, Prime+600, 3/23/17(d) |
Consumer Discretionary | 9,875 | 5,969 | 6,172 | ||||||||||
| RBS Worldpay, Inc., L+400, 1.25% LIBOR Floor, 11/30/17(d) |
Financials | 1,522 | 1,524 | 1,534 | ||||||||||
| RedPrairie Corp., L+500, 1.0% LIBOR Floor, 8/6/18(d) |
Information Technology | 2,446 | 2,442 | 2,462 | ||||||||||
| Remy International, Inc., L+450, 1.8% LIBOR Floor, 12/16/16(d)(e)(j) |
Consumer Discretionary | 3,926 | 3,848 | 3,946 | ||||||||||
| Reynolds Group Holdings, Inc., L+375, 1.5% LIBOR Floor, 9/20/18(d)(e)(j) |
Consumer Discretionary | 10,495 | 10,495 | 10,549 | ||||||||||
| Rocket Software, Inc., L+550, 1.5% LIBOR Floor, 2/8/18(d) |
Information Technology | 4,963 | 4,981 | 4,997 | ||||||||||
| Roofing Supply Group LLC, L+525, 1.3% LIBOR Floor, 5/24/19(d) |
Industrials | 5,880 | 5,902 | 5,955 | ||||||||||
| Roundy’s Supermarkets, Inc., L+450, 1.3% LIBOR Floor, 2/13/19(d)(j) |
Consumer Staples | 2,783 | 2,651 | 2,734 | ||||||||||
| Sabre Inc., L+575, 12/29/17(d)(i) |
Consumer Discretionary | 1,493 | 1,477 | 1,486 | ||||||||||
| Sabre Inc., L+600, 1.3% LIBOR Floor, 12/29/17(e) |
Consumer Discretionary | 8,491 | 8,407 | 8,570 | ||||||||||
| Safariland, LLC, L+925, 1.5% LIBOR Floor, 7/27/18(d)(f)(h) |
Industrials | 45,581 | 44,693 | 45,581 | ||||||||||
| Sagittarius Restaurants LLC, L+550, 2.0% LIBOR Floor, 5/18/15(d)(f) |
Consumer Discretionary | 6,825 | 6,788 | 6,834 | ||||||||||
| Scitor Corp., L+350, 1.5% LIBOR Floor, 2/15/17(d) |
Industrials | 2,947 | 2,883 | 2,922 | ||||||||||
| Scotsman Industries, Inc., L+425, 1.5% LIBOR Floor, 4/29/16(d) |
Industrials | 1,193 | 1,194 | 1,199 | ||||||||||
| Shell Topco L.P., L+750, 1.5% LIBOR Floor, 9/28/18(d)(h) |
Energy | 33,000 | 32,505 | 32,505 | ||||||||||
| Sheridan Holdings, Inc., L+475, 1.3% LIBOR Floor, 6/29/18(g) |
Healthcare | 2,971 | 2,942 | 3,002 | ||||||||||
| Sheridan Production Co., LLC, L+450, 2.0% LIBOR Floor, 4/20/17(e) |
Energy | 12,237 | 12,175 | 12,283 | ||||||||||
| Shield Finance Co. Sarl, L+525, 1.3% LIBOR Floor, 5/10/19(f)(j) |
Information Technology | 11,002 | 10,844 | 11,071 | ||||||||||
| Sitel, LLC, L+675, 1/30/17(e) |
Telecommunication Services | 5,966 | 5,733 | 5,623 | ||||||||||
| Six3 Systems, Inc., L+575, 1.3% LIBOR Floor, 10/4/19(d)(i) |
Information Technology | 7,674 | 7,598 | 7,598 | ||||||||||
| Smile Brands Group Inc., L+525, 1.8% LIBOR Floor, 12/21/17(d)(e) |
Healthcare | 7,096 | 7,021 | 7,140 | ||||||||||
| Sophia, L.P., L+500, 1.3% LIBOR Floor, 7/19/18(d)(e)(f) |
Information Technology | 18,836 | 18,681 | 19,090 | ||||||||||
| Sorenson Communication, Inc., L+400, 2.0% LIBOR Floor, 8/16/13(d)(e)(f)(h)(i) |
Telecommunication Services | 41,546 | 40,632 | 41,299 | ||||||||||
| Spansion LLC, L+350, 1.3% LIBOR Floor, 2/9/15(e)(j) |
Information Technology | 11,385 | 11,309 | 11,489 | ||||||||||
| Sports Authority, Inc., L+600, 1.5% LIBOR Floor, 11/16/17(d)(e)(f)(i) |
Consumer Discretionary | 26,476 | 26,236 | 26,559 | ||||||||||
| Sprouts Farmers Markets Holdings, LLC, L+475, 4/18/16 |
Consumer Discretionary | 4,876 | 4,876 | 4,608 | ||||||||||
| Sprouts Farmers Markets Holdings, LLC, L+475, 1.3% LIBOR Floor, 4/18/18(d) |
Consumer Discretionary | 4,816 | 4,756 | 4,804 | ||||||||||
| SRA International, Inc., L+525, 1.3% LIBOR Floor, 7/20/18(d)(e)(f) |
Industrials | 26,410 | 25,477 | 26,190 | ||||||||||
| Star West Generation LLC, L+450, 1.5% LIBOR Floor, 5/17/18(d)(e) |
Energy | 10,154 | 10,071 | 10,179 | ||||||||||
| Summit Entertainment, LLC, L+550, 1.25% LIBOR Floor, 9/7/16(e) |
Consumer Discretionary | 7,975 | 7,869 | 7,990 | ||||||||||
| Surgery Center Holdings, Inc., L+500, 1.5% LIBOR Floor, 2/6/17(d)(f)(h) |
Healthcare | 14,731 | 14,499 | 14,731 | ||||||||||
| Surgical Care Affiliates, LLC, L+400, 12/29/17(h) |
Healthcare | 2,710 | 2,409 | 2,710 | ||||||||||
| SymphonyIRI Group, Inc., L+375, 1.3% LIBOR Floor, 12/1/17(d) |
Information Technology | 2,079 | 2,065 | 2,083 | ||||||||||
| Taminco Global Chemical Corp., L+400, 1.3% LIBOR Floor, 2/15/19(d)(j) |
Industrials | 478 | 479 | 484 | ||||||||||
| TASC, Inc., L+325, 1.3% LIBOR Floor, 12/18/15(d) |
Industrials | 976 | 965 | 977 | ||||||||||
| Technicolor SA, EURIBOR+500, 2.0% LIBOR Floor, 5/26/16(j) |
Information Technology | 2,345 | 2,752 | 2,952 | ||||||||||
| Technicolor SA, EURIBOR+600, 2.0% LIBOR Floor, 5/26/17(j) |
Information Technology | 6,279 | 7,364 | 7,904 | ||||||||||
| Technicolor SA, L+500, 2.0% LIBOR Floor, 5/26/16(j) |
Information Technology | 1,659 | 1,498 | 1,628 | ||||||||||
| Technicolor SA, L+600, 2.0% LIBOR Floor, 5/26/17(j) |
Information Technology | 4,376 | 3,950 | 4,296 | ||||||||||
See notes to unaudited consolidated financial statements.
8
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Texas Competitive Electric Holdings Co. LLC, L+350, 10/10/14(e)(g)(i) |
Utilities | $ | 54,391 | $ | 38,112 | $ | 40,590 | |||||||
| Texas Competitive Electric Holdings Co. LLC, L+450, 10/10/17(g) |
Utilities | 38,867 | 26,474 | 26,838 | ||||||||||
| TI Group Automotive Systems, LLC, L+550, 1.3% LIBOR Floor, 3/14/18(d)(e)(j) |
Industrials | 12,978 | 12,611 | 13,076 | ||||||||||
| Titlemax, Inc., L+850, 1.5% LIBOR Floor, 6/15/15(f)(h) |
Industrials | 25,000 | 24,770 | 25,250 | ||||||||||
| Total Safety U.S., Inc., L+625, 1.3% LIBOR Floor, 10/31/17(d)(f) |
Energy | 9,925 | 9,679 | 10,024 | ||||||||||
| Totes Isotoner Corp., L+575, 1.5% LIBOR Floor, 7/7/17(d) |
Consumer Discretionary | 7,253 | 7,146 | 7,217 | ||||||||||
| Toys “R” Us-Delaware, Inc., L+450, 1.5% LIBOR Floor, 9/1/16(d)(e)(i) |
Consumer Discretionary | 8,865 | 8,833 | 8,860 | ||||||||||
| TravelCLICK, Inc., L+500, 1.5% LIBOR Floor, 3/16/16(d) |
Industrials | 7,856 | 7,760 | 7,787 | ||||||||||
| Travelport LLC, L+450, 8/21/15(e)(f)(g) |
Consumer Discretionary | 15,682 | 14,214 | 14,996 | ||||||||||
| Trinseo Materials Operating S.C.A., L+650, 1.5% LIBOR Floor, 8/2/17(e) |
Materials | 3,656 | 3,656 | 3,514 | ||||||||||
| Truven Health Analytics Inc., L+550, 1.3% LIBOR Floor, 6/6/19(d)(e) |
Healthcare | 10,938 | 10,800 | 11,051 | ||||||||||
| Twin-Star International, Inc., L+400, 4/24/13(f) |
Consumer Discretionary | 7,621 | 7,526 | 7,583 | ||||||||||
| U.S. Security Associates Holdings, Inc., L+475, 1.25% LIBOR Floor, 7/28/17(d) |
Consumer Discretionary | 4,681 | 4,681 | 4,702 | ||||||||||
| Unifrax I LLC, L+500, 1.5% LIBOR Floor, 11/28/18(e)(f) |
Industrials | 13,994 | 13,731 | 14,163 | ||||||||||
| United Surgical Partners International Inc., L+475, 1.3% LIBOR Floor, 4/3/19(d) |
Healthcare | 4,385 | 4,383 | 4,444 | ||||||||||
| Univar Inc., L+350, 1.5% LIBOR Floor, 6/30/17(e) |
Materials | 6,525 | 6,525 | 6,506 | ||||||||||
| Univision Communications Inc., L+425, 3/31/17(e)(f) |
Consumer Discretionary | 9,593 | 8,537 | 9,498 | ||||||||||
| Virtual Radiologic Corp., Prime+450, 12/22/16(g) |
Healthcare | 3,546 | 3,483 | 3,150 | ||||||||||
| Vision Solutions, Inc., L+450, 1.5% LIBOR Floor, 7/22/16(d) |
Information Technology | 7,400 | 7,346 | 7,377 | ||||||||||
| VPG Group Holdings LLC, L+900, 1.0% LIBOR Floor, 10/4/16(f)(h) |
Materials | 55,775 | 54,835 | 55,496 | ||||||||||
| Wall Street Systems Holdings, Inc., L+400, 1.5% LIBOR Floor, 6/20/17(d) |
Information Technology | 2,392 | 2,375 | 2,389 | ||||||||||
| WASH Multifamily Laundry Systems, LLC, Prime+375, 8/28/14(g) |
Industrials | 3,850 | 3,819 | 3,845 | ||||||||||
| Web.com Group, Inc., L+550, 1.5% LIBOR Floor, 10/27/17(e)(f)(h)(j) |
Information Technology | 31,285 | 28,104 | 31,598 | ||||||||||
| West Corp., L+450, 1.3% LIBOR Floor, 6/29/18(d) |
Information Technology | 7,315 | 7,260 | 7,420 | ||||||||||
| Wide Open West Finance LLC, L+500, 1.3% LIBOR Floor, 7/17/18(d)(e) |
Consumer Discretionary | 10,391 | 10,220 | 10,499 | ||||||||||
| Willbros Group, Inc., L+750, 2.0% LIBOR Floor, 6/30/14(h)(j) |
Energy | 4,205 | 4,208 | 4,231 | ||||||||||
| WireCo WorldGroup Inc., L+475, 1.3% LIBOR Floor, 2/15/17(d) |
Industrials | 6,067 | 6,040 | 6,173 | ||||||||||
| Woodstream Corp., L+350, 8/29/14(f)(g) |
Consumer Discretionary | 2,235 | 2,164 | 2,195 | ||||||||||
| Zayo Group, LLC, L+588, 1.3% LIBOR Floor, 7/2/19(d) |
Telecommunication Services | 7,125 | 6,985 | 7,208 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Senior Secured Loans—First Lien |
2,099,076 | 2,141,839 | ||||||||||||
| Unfunded Loan Commitments |
(13,726 | ) | (13,726 | ) | ||||||||||
|
|
|
|
|
|||||||||||
| Net Senior Secured Loans—First Lien |
2,085,350 | 2,128,113 | ||||||||||||
|
|
|
|
|
|||||||||||
| Senior Secured Loans—Second Lien—23.2% |
||||||||||||||
| Advance Pierre Foods, Inc., L+950, 1.8% LIBOR Floor, 9/29/17(e)(f) |
Consumer Staples | 19,000 | 19,070 | 19,171 | ||||||||||
| Advantage Sales & Marketing Inc., L+775, 1.5% LIBOR Floor, 6/18/18(e)(f)(i) |
Industrials | 20,314 | 20,366 | 20,339 | ||||||||||
| AlixPartners, LLP, L+925, 1.5% LIBOR Floor, 12/27/19(e) |
Financials | 15,000 | 14,560 | 15,244 | ||||||||||
| American Racing and Entertainment, LLC, 12.0%, 7/2/18 |
Consumer Discretionary | 16,800 | 16,205 | 15,792 | ||||||||||
| Asurion, LLC, L+750, 1.5% LIBOR Floor, 5/24/19(d)(e) |
Financials | 12,229 | 12,178 | 12,686 | ||||||||||
| Atlantic Broadband Finance, LLC, L+850, 1.3% LIBOR Floor, 10/4/19(e)(f) |
Consumer Discretionary | 22,000 | 21,865 | 23,072 | ||||||||||
| Attachmate Corp., L+950, 1.5% LIBOR Floor, 11/22/18(e)(f) |
Information Technology | 29,000 | 28,119 | 28,500 | ||||||||||
| BJ’s Wholesale Club, Inc., L+850, 1.3% LIBOR Floor, 9/18/20(e)(f)(i) |
Consumer Discretionary | 8,298 | 8,215 | 8,422 | ||||||||||
| Blackboard Inc., L+1000, 1.5% LIBOR Floor, 4/4/19(f)(g) |
Information Technology | 22,000 | 20,059 | 20,900 | ||||||||||
| BNY ConvergEx Group, LLC, L+700, 1.8% LIBOR Floor, 12/18/17(f)(g) |
Information Technology | 9,000 | 9,022 | 8,387 | ||||||||||
| Brasa (Holdings) Inc., L+950, 1.5% LIBOR Floor, 1/20/20(f) |
Consumer Discretionary | 17,391 | 16,709 | 17,565 | ||||||||||
| Brock Holdings III, Inc., L+825, 1.8% LIBOR Floor, 3/16/18(e) |
Energy | 6,923 | 6,814 | 6,992 | ||||||||||
| Camp International Holding Co., L+875, 1.3% LIBOR Floor, 11/29/19(d) |
Information Technology | 6,207 | 6,087 | 6,333 | ||||||||||
| Cannery Casino Resorts, LLC, L+875, 1.3% LIBOR Floor, 10/2/19(i) |
Consumer Discretionary | 12,000 | 11,760 | 12,000 | ||||||||||
| DEI Sales, Inc., L+850, 1.5% LIBOR Floor, 1/15/18(f)(g) |
Consumer Discretionary | 46,800 | 46,008 | 47,268 | ||||||||||
| EquiPower Resources Holdings, LLC, L+850, 1.5% LIBOR Floor, 6/21/19(d) |
Utilities | 7,000 | 6,864 | 7,134 | ||||||||||
See notes to unaudited consolidated financial statements.
9
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| FR Brand Acquisition Corp., L+600, 2/6/15(e) |
Industrials | $ | 10,000 | $ | 9,304 | $ | 9,562 | |||||||
| FR Brand Acquisition Corp., L+700, 2/7/15(e) |
Industrials | 3,000 | 2,878 | 2,865 | ||||||||||
| Fram Group Holdings Inc., L+900, 1.5% LIBOR Floor, 1/29/18(e) |
Industrials | 7,000 | 6,970 | 6,370 | ||||||||||
| Goodman Global, Inc., L+700, 2.0% LIBOR Floor, 10/30/17(e) |
Consumer Discretionary | 4,455 | 4,389 | 4,532 | ||||||||||
| Hubbard Radio, LLC, L+725, 1.5% LIBOR Floor, 4/30/18(f) |
Telecommunication Services | 1,429 | 1,417 | 1,457 | ||||||||||
| ILC Industries, LLC, L+1000, 1.5% LIBOR Floor, 6/14/19(f)(g) |
Industrials | 37,000 | 35,649 | 36,445 | ||||||||||
| JHCI Acquisition, Inc., L+550, 12/19/14(g) |
Industrials | 11,250 | 10,470 | 10,055 | ||||||||||
| JW Aluminum Co., L+675, 12/9/13(f) |
Materials | 20,714 | 16,732 | 16,520 | ||||||||||
| Kinetek Acquisition Corp., L+550, 5/10/14(d) |
Industrials | 500 | 462 | 475 | ||||||||||
| Kronos Inc., L+900, 6/11/18(e) |
Industrials | 3,000 | 2,979 | 2,985 | ||||||||||
| Mood Media Corp., Prime+775, 11/6/18(e)(f)(j) |
Consumer Discretionary | 23,325 | 23,154 | 22,844 | ||||||||||
| NES Rentals Holdings, Inc., L+1150, 1.8% LIBOR Floor, 10/14/14(g) |
Industrials | 8,500 | 8,456 | 8,500 | ||||||||||
| Paw Luxco II Sarl, EURIBOR+950, 1/29/19(j) |
Consumer Discretionary | € | 20,000 | 23,660 | 22,548 | |||||||||
| Pelican Products, Inc., L+1000, 1.5% LIBOR Floor, 6/14/19(d) |
Industrials | $ | 6,667 | 6,538 | 6,700 | |||||||||
| Pregis Corp., L+1000, 1.5% LIBOR Floor, 3/23/18(f)(g) |
Industrials | 45,000 | 44,177 | 44,550 | ||||||||||
| Samson Investment Co., L+475, 1.3% LIBOR Floor, 9/25/18(d)(i) |
Energy | 5,515 | 5,473 | 5,557 | ||||||||||
| Sedgwick CMS Holdings Inc., L+750, 1.5% LIBOR Floor, 5/30/17 |
Industrials | 500 | 500 | 502 | ||||||||||
| Sensus U.S.A. Inc., L+725, 1.3% LIBOR Floor, 5/9/18(d)(e) |
Industrials | 8,571 | 8,577 | 8,571 | ||||||||||
| Sheridan Holdings, Inc., L+775, 1.3% LIBOR Floor, 7/1/19(f) |
Healthcare | 2,727 | 2,701 | 2,768 | ||||||||||
| SMG Holdings, Inc., L+950, 1.3% LIBOR Floor, 12/3/18(f) |
Consumer Discretionary | 23,529 | 23,078 | 23,765 | ||||||||||
| Southern Pacific Resource Corp., Prime+750, 1/7/16(e)(f)(j) |
Energy | 13,728 | 13,596 | 13,911 | ||||||||||
| SRAM, LLC, L+750, 1.5% LIBOR Floor, 12/7/18(d) |
Consumer Discretionary | 5,000 | 4,958 | 5,088 | ||||||||||
| TPF Generation Holdings, LLC, L+425, 12/15/14(e) |
Energy | 4,713 | 4,485 | 4,713 | ||||||||||
| TriZetto Group, Inc., L+725, 1.3% LIBOR Floor, 3/27/18(i) |
Information Technology | 9,302 | 9,163 | 9,250 | ||||||||||
| Vertafore, Inc., L+825, 1.5% LIBOR Floor, 10/27/17(e) |
Information Technology | 14,750 | 14,701 | 14,824 | ||||||||||
| Web.com Group, Inc., L+950, 1.5% LIBOR Floor, 10/26/18(d)(f)(j) |
Information Technology | 15,700 | 15,376 | 16,171 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Senior Secured Loans—Second Lien |
563,744 | 571,333 | ||||||||||||
|
|
|
|
|
|||||||||||
| Senior Secured Bonds—16.1% |
||||||||||||||
| Advanced Lighting Technologies, Inc., 10.5%, 6/1/19(f)(g) |
Industrials | 75,000 | 73,161 | 74,250 | ||||||||||
| Allen Systems Group, Inc., 10.5%, 11/15/16(f) |
Information Technology | 15,323 | 14,156 | 10,113 | ||||||||||
| Aspect Software, Inc., 10.6%, 5/15/17(e) |
Information Technology | 4,000 | 4,000 | 3,990 | ||||||||||
| Avaya Inc., 7.0%, 4/1/19(e)(f) |
Information Technology | 10,500 | 9,752 | 9,752 | ||||||||||
| Cenveo Corp., 8.9%, 2/1/18(e)(f) |
Consumer Discretionary | 23,788 | 21,639 | 22,494 | ||||||||||
| Chester Downs & Marina, LLC, 9.3%, 2/1/20(e)(j) |
Consumer Discretionary | 3,750 | 3,785 | 3,808 | ||||||||||
| Chrysler Group LLC, 8.3%, 6/15/21(f) |
Industrials | 10,000 | 10,230 | 10,683 | ||||||||||
| Eastman Kodak Co., 10.6%, 3/15/19(f)(l) |
Information Technology | 14,500 | 12,092 | 9,335 | ||||||||||
| Eastman Kodak Co., 9.8%, 3/1/18(l) |
Information Technology | 18,992 | 13,846 | 12,243 | ||||||||||
| Energy Future Intermediate Holding Co. LLC, 11.8%, 3/1/22(f) |
Energy | 14,250 | 14,699 | 15,176 | ||||||||||
| Energy Future Intermediate Holding Co. LLC, 6.9%, 8/15/17(g) |
Energy | 1,100 | 1,100 | 1,144 | ||||||||||
| First Data Corp., 6.8%, 11/1/20 |
Information Technology | 2,000 | 1,984 | 1,992 | ||||||||||
| HOA Restaurant Group, LLC, 11.3%, 4/1/17(f) |
Consumer Discretionary | 14,100 | 14,128 | 13,131 | ||||||||||
| Ineos Finance Plc, 7.5%, 5/1/20(e)(j) |
Materials | 850 | 850 | 870 | ||||||||||
| Ineos Finance Plc, 8.4%, 2/15/19(e)(j) |
Materials | 3,000 | 3,000 | 3,164 | ||||||||||
| Kinetic Concepts, Inc., 10.5%, 11/1/18(e)(f) |
Healthcare | 18,660 | 18,079 | 19,780 | ||||||||||
| Neff Rental LLC., 9.6%, 5/15/16 |
Industrials | 1,352 | 1,364 | 1,366 | ||||||||||
| NES Rental Holdings, Inc., 12.3%, 4/15/15(f)(g) |
Industrials | 19,450 | 19,374 | 19,597 | ||||||||||
| Paetec Holdings Corp., 8.9%, 6/30/17(e)(j) |
Telecommunication Services | 4,680 | 4,774 | 5,090 | ||||||||||
| Palace Entertainment Holdings, LLC, 8.9%, 4/15/17(e) |
Consumer Discretionary | 2,400 | 2,400 | 2,557 | ||||||||||
| PH Holding LLC, 9.8%, 12/31/17(f) |
Industrials | 10,000 | 9,800 | 9,800 | ||||||||||
| Reynolds Group Holdings, Inc., 5.8%, 10/15/20(e)(j) |
Consumer Discretionary | 6,750 | 6,750 | 6,750 | ||||||||||
See notes to unaudited consolidated financial statements.
10
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Reynolds Group Holdings, Inc., 7.1%, 4/15/19(e)(j) |
Consumer Discretionary | $ | 3,000 | $ | 3,125 | $ | 3,178 | |||||||
| Ryerson Inc., 9.0%, 10/15/17(e)(i) |
Industrials | 3,100 | 3,100 | 3,119 | ||||||||||
| Sorenson Communication, Inc., 10.5%, 2/1/15(g) |
Telecommunication Services | 34,000 | 28,751 | 29,899 | ||||||||||
| Speedy Cash Intermediate Holdings Corp., 10.8%, 5/15/18(f) |
Financials | 16,000 | 16,172 | 16,865 | ||||||||||
| Symbion, Inc., 8.0%, 6/15/16(e)(f) |
Healthcare | 12,460 | 12,318 | 12,772 | ||||||||||
| Taminco Global Chemical Corp., 9.8%, 3/31/20(f)(j) |
Industrials | 2,750 | 2,750 | 2,970 | ||||||||||
| Technicolor SA, 9.4%, 4/23/16(g)(j) |
Information Technology | 2,484 | 2,299 | 2,490 | ||||||||||
| Technicolor SA, 9.4%, 5/26/17(g)(i)(j) |
Information Technology | 14,057 | 12,958 | 14,092 | ||||||||||
| Texas Competitive Electric Holdings Co. LLC, 11.5%, 10/1/20(f) |
Utilities | 10,000 | 9,914 | 7,900 | ||||||||||
| Titlemax, Inc., 13.3%, 7/15/15(f) |
Industrials | 14,500 | 15,155 | 16,167 | ||||||||||
| Travelport LLC, L+600 PIK, 12/1/16(g) |
Consumer Discretionary | 22,567 | 17,576 | 17,141 | ||||||||||
| United Refining, Co., 10.5%, 2/28/18(f) |
Energy | 1,185 | 1,149 | 1,287 | ||||||||||
| Univision Communications Inc., 6.9%, 5/15/19(f) |
Consumer Discretionary | 6,800 | 6,753 | 6,998 | ||||||||||
| Viasystems Group Inc., 7.9%, 5/1/19(e)(j) |
Industrials | 5,000 | 5,000 | 4,988 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Senior Secured Bonds |
397,983 | 396,951 | ||||||||||||
|
|
|
|
|
|||||||||||
| Subordinated Debt—23.7% |
||||||||||||||
| Advantage Sales & Marketing Inc., 13.0%, 12/23/18(g) |
Industrials | 10,000 | 9,813 | 9,850 | ||||||||||
| Alpha Natural Resources, Inc., 6.3%, 6/1/21(f)(j) |
Materials | 4,000 | 4,000 | 3,385 | ||||||||||
| Alta Mesa Holdings, LP, 9.6%, 10/15/18(e) |
Energy | 1,200 | 1,212 | 1,206 | ||||||||||
| Asurion, LLC, L+950, 1.5% LIBOR Floor, 8/16/19(f) |
Financials | 15,000 | 14,576 | 16,000 | ||||||||||
| Aurora Diagnostics, LLC, 10.8%, 1/15/18(f) |
Healthcare | 20,065 | 20,121 | 20,316 | ||||||||||
| Aurora USA Oil & Gas, Inc., 9.9%, 2/15/17(g)(j) |
Energy | 3,000 | 3,043 | 3,215 | ||||||||||
| BakerCorp. International Inc., 8.3%, 6/1/19(f) |
Industrials | 5,000 | 5,000 | 5,075 | ||||||||||
| Bresnan Broadband Holdings LLC, 8.0%, 12/15/18(e)(j) |
Telecommunication Services | 5,000 | 5,000 | 5,300 | ||||||||||
| Burlington Coat Factory Warehouse Corp., 10.0%, 2/15/19(g) |
Consumer Discretionary | 4,334 | 4,017 | 4,819 | ||||||||||
| Calumet Lubricants Co., L.P., 9.4%, 5/1/19(f)(j) |
Energy | 5,800 | 5,800 | 6,257 | ||||||||||
| Calumet Lubricants Co., L.P., 9.6%, 8/1/20(f)(j) |
Energy | 1,500 | 1,474 | 1,623 | ||||||||||
| Cenveo Corp., 7.9%, 12/1/13(g) |
Consumer Discretionary | 4,000 | 3,736 | 4,003 | ||||||||||
| Chesapeake Energy Corp., L+700, 1.5% LIBOR Floor, 12/2/17(e)(f)(g)(j) |
Energy | 130,000 | 128,850 | 130,562 | ||||||||||
| Cincinnati Bell Inc., 8.4%, 10/15/20(e)(j) |
Telecommunication Services | 11,000 | 10,852 | 11,880 | ||||||||||
| Comstock Resources, Inc., 9.5%, 6/15/20(e)(f)(j) |
Energy | 21,000 | 20,036 | 22,508 | ||||||||||
| Cumulus Media Inc., 7.8%, 5/1/19(f)(j) |
Consumer Discretionary | 5,000 | 4,438 | 4,888 | ||||||||||
| Del Monte Foods Co., 7.6%, 2/15/19(e) |
Consumer Staples | 3,500 | 3,498 | 3,618 | ||||||||||
| Entercom Radio, LLC, 10.5%, 12/1/19(e)(j) |
Consumer Discretionary | 13,500 | 13,355 | 14,775 | ||||||||||
| Everest Acquisition LLC, 9.4%, 5/1/20(e) |
Energy | 7,750 | 7,750 | 8,467 | ||||||||||
| Flanders Corp., 10.0%, 3.8% PIK, 5/14/18(g) |
Industrials | 8,154 | 7,962 | 8,194 | ||||||||||
| Gymboree Corp., 9.1%, 12/1/18(g) |
Consumer Discretionary | 5,000 | 4,481 | 4,797 | ||||||||||
| Harland Clarke Holdings Corp., 9.5%, 5/15/15(g) |
Industrials | 2,689 | 2,409 | 2,258 | ||||||||||
| Infiltrator Systems, Inc., 12.0%, 2.0% PIK, 3/11/18 |
Industrials | 63,239 | 62,144 | 63,239 | ||||||||||
| Ipreo Holdings LLC, 11.8%, 8/15/18(f) |
Information Technology | 10,000 | 9,958 | 10,300 | ||||||||||
| J.Crew Group, Inc., 8.1%, 3/1/19(g) |
Consumer Discretionary | 1,200 | 1,200 | 1,260 | ||||||||||
| JBS U.S.A. LLC, 8.3%, 2/1/20(e)(j) |
Consumer Staples | 3,000 | 2,959 | 2,982 | ||||||||||
| Kinetic Concepts, Inc., 12.5%, 11/1/19 |
Healthcare | 11,700 | 11,333 | 11,247 | ||||||||||
| Lone Pine Resources Canada Ltd., 10.4%, 2/15/17(g)(j) |
Energy | 5,000 | 4,935 | 4,437 | ||||||||||
| Monitronics International, Inc., 9.1%, 4/1/20(e)(j) |
Consumer Discretionary | 2,250 | 2,250 | 2,362 | ||||||||||
| Nuance Communications Inc., 5.4%, 8/15/20(g)(j) |
Information Technology | 750 | 750 | 776 | ||||||||||
| The Pantry Inc., 8.4%, 8/1/20(g)(j) |
Consumer Discretionary | 5,500 | 5,500 | 5,692 | ||||||||||
| Party City Holdings, Inc., 8.9%, 8/1/20(g) |
Consumer Discretionary | 600 | 600 | 640 | ||||||||||
| Pharmaceutical Product Development, Inc., 9.5%, 12/1/19(g) |
Healthcare | 2,900 | 2,900 | 3,262 | ||||||||||
| Prestige Brands Holdings, Inc., 8.1%, 2/1/20(e)(j) |
Consumer Discretionary | 4,500 | 4,500 | 4,805 | ||||||||||
See notes to unaudited consolidated financial statements.
11
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| QR Energy, L.P., 9.3%, 8/1/20(e)(j) |
Energy | $ | 3,250 | $ | 3,205 | $ | 3,336 | |||||||
| Quicksilver Resources Inc., 7.1%, 4/1/16(e)(j) |
Energy | 1,000 | 885 | 868 | ||||||||||
| Resolute Energy Corp., 8.5%, 5/1/20(e)(j) |
Energy | 10,500 | 10,634 | 10,789 | ||||||||||
| Samson Investment Co., 9.8%, 2/15/20(e)(f) |
Energy | 19,420 | 19,636 | 20,068 | ||||||||||
| SandRidge Energy, Inc., 8.1%, 10/15/22(e)(j) |
Energy | 7,500 | 7,500 | 7,956 | ||||||||||
| Sequel Industrial Products Holdings, LLC, 12.0%, 2.5% PIK, 5/10/18(g) |
Energy | 15,500 | 15,206 | 15,500 | ||||||||||
| Symmetry Medical Inc., 12.0%, 2.0% PIK, 12/29/17(g)(j) |
Healthcare | 32,833 | 31,939 | 33,161 | ||||||||||
| ThermaSys Corp., 10.0%, 2.5% PIK, 12/31/16 |
Industrials | 85,662 | 84,076 | 85,662 | ||||||||||
| Univar Inc., 12.0%, 6/30/18(f) |
Materials | 3,000 | 2,952 | 3,105 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Subordinated Debt |
566,485 | 584,443 | ||||||||||||
|
|
|
|
|
|||||||||||
| Collateralized Securities—4.0% |
||||||||||||||
| Apidos CDO IV Class E, L+360, 10/27/18(g)(j) |
Financials | 2,000 | 1,185 | 1,549 | ||||||||||
| Ares 2007 CLO 11A Class E, L+600, 10/11/21(g)(j) |
Financials | 4,775 | 3,179 | 4,025 | ||||||||||
| Ares 2007 CLO 12X Class E, L+575, 11/25/20(g)(j) |
Financials | 2,252 | 1,808 | 1,959 | ||||||||||
| Blue Mountain CLO III Class E, L+355, 3/17/21(g)(j) |
Financials | 2,000 | 965 | 1,458 | ||||||||||
| Carlyle Azure CLO Class Income, 22.5%, 5/27/20(j) |
Financials | 28,000 | 13,919 | 18,480 | ||||||||||
| Dryden CDO 23A Class E, L+700, 7/20/23(j) |
Financials | 4,500 | 3,628 | 4,070 | ||||||||||
| Dryden CDO 23A Class Subord., 15.2%, 7/17/23(j) |
Financials | 10,000 | 7,907 | 9,200 | ||||||||||
| Franklin CLO 6A Class E, L+425, 8/9/19(g)(j) |
Financials | 1,919 | 1,233 | 1,622 | ||||||||||
| Galaxy VII CLO Class Subord., 25.9%, 10/13/18(j) |
Financials | 2,000 | 981 | 1,916 | ||||||||||
| Lightpoint CLO 2006 V Class D, L+365, 8/5/19(g)(j) |
Financials | 6,500 | 3,411 | 4,775 | ||||||||||
| Lightpoint CLO 2007 VII Class D, L+400, 5/15/21(g)(j) |
Financials | 4,000 | 2,355 | 3,081 | ||||||||||
| Mountain View CLO II Class Pref., 29.8%, 1/12/21(j) |
Financials | 9,225 | 5,101 | 8,654 | ||||||||||
| Octagon CDO 2007 1A Class Income, 69.2%, 8/25/21(j) |
Financials | 4,000 | 1,987 | 4,790 | ||||||||||
| Octagon CLO 2006 10A Class Income, 42.6%, 10/18/20(j) |
Financials | 4,375 | 2,545 | 4,724 | ||||||||||
| Rampart CLO 2007 1A Class Subord., 44.0%, 10/25/21(j) |
Financials | 10,000 | 5,716 | 11,321 | ||||||||||
| Stone Tower CLO VI Class Subord., 40.7%, 4/17/21(g)(j) |
Financials | 5,000 | 3,103 | 6,358 | ||||||||||
| Trimaran CLO IV Ltd. Class Pref., 38.8%, 12/1/17(j) |
Financials | 12,500 | 6,490 | 9,751 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Collateralized Securities |
65,513 | 97,733 | ||||||||||||
|
|
|
|
|
|||||||||||
See notes to unaudited consolidated financial statements.
12
FS Investment Corporation
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2012
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Number of Shares |
Amortized Cost |
Fair Value(c) |
||||||||||
| Equity/Other—5.0%(k) |
||||||||||||||
| Aquilex Corp., Common Equity, Class A Shares(f)(l) |
Energy | 15,128 | $ | 2,266 | $ | 5,507 | ||||||||
| Aquilex Corp., Common Equity, Class B Shares(f)(g)(l) |
Energy | 32,637 | 4,889 | 11,880 | ||||||||||
| Flanders Corp., Common Equity(g)(l) |
Industrials | 5,000,000 | 5,000 | 6,000 | ||||||||||
| Florida Gaming Centers, Inc., Strike: $0.01, Warrants(g)(l) |
Consumer Discretionary | 71 | — | 42 | ||||||||||
| Florida Gaming Corp., Strike: $25.00, Warrants(g)(l) |
Consumer Discretionary | 226,635 | — | — | ||||||||||
| Ipreo Holdings LLC, Common Equity(g)(l) |
Information Technology | 1,000,000 | 1,000 | 1,300 | ||||||||||
| JW Aluminum Co., Common Equity(g)(l) |
Materials | 37,500 | 3,225 | — | ||||||||||
| Leading Edge Aviation Services, Inc., Common Equity(g)(l) |
Industrials | 2,623 | 262 | — | ||||||||||
| Leading Edge Aviation Services, Inc., Preferred Equity(g)(l) |
Industrials | 738 | 738 | 637 | ||||||||||
| Milagro Holdings, LLC, Common Equity(g)(l) |
Energy | 12,057 | 50 | — | ||||||||||
| Milagro Holdings, LLC, Preferred Equity(l) |
Energy | 283,947 | 11,181 | 9,001 | ||||||||||
| Plains Offshore Operations Inc., Preferred Equity(f)(g) |
Energy | 520,342 | 51,135 | 52,366 | ||||||||||
| Plains Offshore Operations Inc., Strike: $20.00, Warrants(f)(g)(l) |
Energy | 1,013,444 | 1,722 | 2,179 | ||||||||||
| Safariland, LLC, Common Equity(g)(l) |
Industrials | 25,000 | 2,500 | 2,647 | ||||||||||
| Safariland, LLC, Preferred Equity(g) |
Industrials | 1,021 | 9,874 | 10,056 | ||||||||||
| Safariland, LLC, Warrants(g)(l) |
Industrials | 2,263 | 246 | 240 | ||||||||||
| Sequel Industrial Products Holdings, LLC, Common Equity(g)(l) |
Energy | 3,330,600 | 3,400 | 3,997 | ||||||||||
| Sequel Industrial Products Holdings, LLC, Preferred Equity(g)(l) |
Energy | 85,963 | 7,644 | 8,178 | ||||||||||
| Sequel Industrial Products Holdings, LLC, Strike: $100.00, Warrants(g)(l) |
Energy | 20,681 | 555 | 14 | ||||||||||
| ThermaSys Corp., Common Equity(g)(l) |
Industrials | 51,813 | 1 | 570 | ||||||||||
| ThermaSys Corp., Preferred Equity(g)(l) |
Industrials | 51,813 | 5,181 | 5,181 | ||||||||||
| VPG Group Holdings LLC, Class A-2 Units(g)(l) |
Materials | 2,500,000 | 2,500 | 2,250 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Equity/Other |
113,369 | 122,045 | ||||||||||||
|
|
|
|
|
|||||||||||
| TOTAL INVESTMENTS—158.4% |
$ | 3,792,444 | 3,900,618 | |||||||||||
|
|
|
|||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS—(58.4%) |
(1,438,697 | ) | ||||||||||||
|
|
|
|||||||||||||
| NET ASSETS—100.0% |
$ | 2,461,921 | ||||||||||||
|
|
|
|||||||||||||
| (a) | Security may be an obligation of one or more entities affiliated with the named company. |
| (b) | Denominated in U.S. dollars unless otherwise noted. |
| (c) | Fair value determined by the Company’s board of directors (see Note 7). |
| (d) | Security or portion thereof held within Arch Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank, N.A. (see Note 8). |
| (e) | Security or portion thereof held within Broad Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Deutsche Bank AG, New York Branch (see Notes 10 and 11). |
| (f) | Security or portion thereof held within Locust Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the Class A Notes issued to Race Street Funding LLC pursuant to an indenture with Citibank, N.A., as trustee (see Note 12). |
| (g) | Security or portion thereof held within Race Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the repurchase agreement with JPMorgan Chase Bank, N.A., London Branch (see Note 12). |
| (h) | Security or portion thereof held within Walnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Wells Fargo Bank, National Association (see Note 13). |
| (i) | Position or portion thereof unsettled as of September 30, 2012. |
| (j) | The investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of September 30, 2012, 78.9% of the Company’s total assets represented qualifying assets. |
| (k) | Listed investments may be treated as debt for GAAP or tax purposes. |
| (l) | Security is non-income producing. |
See notes to unaudited consolidated financial statements.
13
FS Investment Corporation
Consolidated Schedule of Investments
As of December 31, 2011
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Senior Secured Loans—First Lien—68.3% |
||||||||||||||
| 1-800 Contacts, Inc., L+395, 3.8% LIBOR Floor, 3/4/15(e) |
Healthcare | $ | 5,446 | $ | 5,236 | $ | 5,406 | |||||||
| A.P. Plasman Inc., L+850, 1.5% LIBOR Floor, 12/29/16(e)(g) |
Industrials | 55,000 | 53,902 | 53,900 | ||||||||||
| Academy, Ltd., L+450, 1.5% LIBOR Floor, 8/3/18(d) |
Consumer Discretionary | 5,000 | 4,953 | 4,961 | ||||||||||
| Advance Pierre Foods, Inc., L+525, 1.8% LIBOR Floor, 9/30/16(d) |
Consumer Staples | 4,875 | 4,797 | 4,870 | ||||||||||
| Airvana Network Solutions Inc., L+800, 2.0% LIBOR Floor, 3/18/15(e)(f) |
Telecommunication Services | 5,077 | 5,000 | 5,093 | ||||||||||
| Altegrity, Inc., L+600, 1.8% LIBOR Floor, 2/21/15(d) |
Industrials | 5,860 | 5,795 | 5,831 | ||||||||||
| American & Efird Global, LLC, L+900, 1.5% LIBOR Floor, 12/21/16(e) |
Consumer Discretionary | 40,000 | 39,005 | 39,000 | ||||||||||
| American Racing & Entertainment, LLC, Term Loan A, L+700, 6/30/14(e) |
Consumer Discretionary | 15,500 | 15,500 | 15,345 | ||||||||||
| American Racing & Entertainment, LLC, Term Loan B, 9.0%, 6/30/14(e) |
Consumer Discretionary | 7,750 | 7,750 | 7,634 | ||||||||||
| American Racing & Entertainment, LLC, Term Loan C, 9.0%, 6/30/14(e) |
Consumer Discretionary | 2,550 | 2,550 | 2,512 | ||||||||||
| Amscan Holdings, Inc., L+525, 1.5% LIBOR Floor, 12/2/17(d) |
Consumer Discretionary | 8,834 | 8,822 | 8,803 | ||||||||||
| AmWINS Group, Inc., L+250, 6/8/13(d) |
Financials | 941 | 847 | 917 | ||||||||||
| Ardent Health Services LLC, L+500, 1.5% LIBOR Floor, 9/15/15(d) |
Healthcare | 10,364 | 10,264 | 10,293 | ||||||||||
| Aspect Software, Inc., L+450, 1.8% LIBOR Floor, 5/7/16(d) |
Information Technology | 1,965 | 1,951 | 1,964 | ||||||||||
| Attachmate Corp., L+500, 1.5% LIBOR Floor, 4/27/17(d) |
Information Technology | 9,875 | 9,789 | 9,689 | ||||||||||
| Avaya Inc., L+275, 10/24/14(d) |
Information Technology | 2,608 | 2,498 | 2,500 | ||||||||||
| Avaya Inc., L+450, 10/26/17(d) |
Information Technology | 8,224 | 7,275 | 7,515 | ||||||||||
| Avis Budget Car Rental, LLC, L+500, 1.3% LIBOR Floor, 9/22/18(d)(g) |
Consumer Discretionary | 7,222 | 7,081 | 7,279 | ||||||||||
| AZ Chem U.S. Inc., L+575, 1.5% LIBOR Floor, 12/22/17(f) |
Materials | 5,000 | 4,850 | 4,992 | ||||||||||
| Barrington Broadcasting Group LLC, L+600, 1.5% LIBOR Floor, 6/14/17 |
Consumer Discretionary | 3,125 | 3,032 | 3,117 | ||||||||||
| BJ’s Wholesale Club, Inc., L+575, 1.3% LIBOR Floor, 9/29/18(d) |
Consumer Discretionary | 18,000 | 17,117 | 18,079 | ||||||||||
| Blackboard Inc., L+600, 1.5% LIBOR Floor, 10/4/18(d)(e) |
Information Technology | 40,385 | 37,252 | 38,391 | ||||||||||
| Boyd Gaming Corp., L+475, 1.3% LIBOR Floor, 12/17/15(d)(g) |
Consumer Discretionary | 6,218 | 6,096 | 6,162 | ||||||||||
| Brock Holdings III, Inc., L+450, 1.5% LIBOR Floor, 3/14/17(d) |
Energy | 4,963 | 4,932 | 4,829 | ||||||||||
| Canwest LP, L+500, 1.3% LIBOR Floor, 7/23/16(d)(g) |
Consumer Discretionary | 6,182 | 6,226 | 6,096 | ||||||||||
| Carestream Health, Inc., L+350, 1.5% LIBOR Floor, 2/25/17 |
Healthcare | 9,924 | 9,880 | 8,946 | ||||||||||
| CCC Information Services Inc., L+400, 1.5% LIBOR Floor, 11/11/15(d) |
Information Technology | 1,562 | 1,550 | 1,563 | ||||||||||
| Cenveo Corp., L+475, 1.5% LIBOR Floor, 12/21/16(d)(g) |
Consumer Discretionary | 6,249 | 6,197 | 6,185 | ||||||||||
| Ceridian Corp., L+300, 11/9/14(d) |
Industrials | 9,346 | 8,593 | 8,449 | ||||||||||
| Chrysler Group LLC, L+475, 1.3% LIBOR Floor, 5/24/17(d)(e) |
Industrials | 25,634 | 23,769 | 24,327 | ||||||||||
| Citgo Petroleum Corp., L+700, 2.0% LIBOR Floor, 6/24/17(d)(e)(g) |
Energy | 8,840 | 8,804 | 9,036 | ||||||||||
| Clear Channel Capital I, LLC, L+365, 1/29/16(f) |
Consumer Discretionary | 10,000 | 7,544 | 7,428 | ||||||||||
| ConvaTec Inc., L+425, 1.5% LIBOR Floor, 12/22/16(d) |
Healthcare | 2,291 | 2,282 | 2,276 | ||||||||||
| Corel Corp., L+400, 5/2/12(e)(g) |
Information Technology | 1,234 | 1,204 | 1,203 | ||||||||||
| Custom Building Products, Inc., L+400, 1.8% LIBOR Floor, 3/1/15(d) |
Materials | 2,318 | 2,303 | 2,275 | ||||||||||
| Data Device Corp., L+550, 1.8% LIBOR Floor, 12/23/16(e) |
Industrials | 12,293 | 12,062 | 11,955 | ||||||||||
| Datatel, Inc., L+500, 1.3% LIBOR Floor, 7/19/18(d)(f) |
Information Technology | 14,400 | 14,184 | 14,423 | ||||||||||
| Decision Resources LLC, L+550, 1.5% LIBOR Floor, 12/6/16(d) |
Healthcare | 1,985 | 1,992 | 1,906 | ||||||||||
| Del Monte Foods Co., L+300, 1.5% LIBOR Floor, 3/8/18 |
Consumer Staples | 898 | 830 | 855 | ||||||||||
| Deluxe Entertainment Services Group Inc., L+650, 1.5% LIBOR Floor, 7/3/17(f) |
Consumer Discretionary | 15,000 | 14,400 | 14,447 | ||||||||||
| Drumm Investors LLC, L+375, 1.3% LIBOR Floor, 5/4/18 |
Healthcare | 7,462 | 6,838 | 6,544 | ||||||||||
| Dynegy Power, LLC, L+775, 1.5% LIBOR Floor, 8/5/16(f)(g) |
Energy | 2,993 | 3,060 | 3,040 | ||||||||||
| East Cameron Partners, L.P., 18.0%, 10/11/12 |
Energy | 249 | 249 | 254 | ||||||||||
| Entercom Radio, LLC, L+500, 1.3% LIBOR Floor, 11/23/18 |
Consumer Discretionary | 2,410 | 2,362 | 2,410 | ||||||||||
| Equipower Resources Holdings, LLC, L+425, 1.5% LIBOR Floor, 1/26/18 |
Utilities | 1,572 | 1,558 | 1,493 | ||||||||||
| Fairway Group Acquisition Co., L+600, 1.5% LIBOR Floor, 3/3/17(d)(e) |
Consumer Discretionary | 21,592 | 21,537 | 20,985 | ||||||||||
| First Data Corp., L+275, 9/24/14(d) |
Information Technology | 3,442 | 3,111 | 3,143 | ||||||||||
| First Data Corp., L+400, 3/24/18(d) |
Information Technology | 9,465 | 8,117 | 7,953 | ||||||||||
| First Reserve Crestwood Holdings LLC, L+850, 2.0% LIBOR Floor, 10/3/16(e) |
Energy | 6,052 | 6,043 | 6,158 | ||||||||||
| Florida Gaming Centers, Inc., 15.8%, 4/25/16(e) |
Consumer Discretionary | 13,000 | 12,773 | 12,480 | ||||||||||
See notes to unaudited consolidated financial statements.
14
FS Investment Corporation
Consolidated Schedule of Investments (continued)
As of December 31, 2011
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Frac Tech International, LLC, L+475, 1.5% LIBOR Floor, 5/6/16(d) |
Energy | $ | 4,838 | $ | 4,719 | $ | 4,781 | |||||||
| Freescale Semiconductor, Inc., L+425, 12/1/16(d)(g) |
Industrials | 1,896 | 1,785 | 1,819 | ||||||||||
| Goodman Global, Inc., L+400, 1.8% LIBOR Floor, 10/28/16(d) |
Consumer Discretionary | 1,692 | 1,679 | 1,696 | ||||||||||
| Gymboree Corp., L+350, 1.5% LIBOR Floor, 2/23/18 |
Consumer Discretionary | 7,997 | 7,098 | 7,140 | ||||||||||
| Harbor Freight Tools USA, Inc., L+500, 1.5% LIBOR Floor, 12/22/17(d) |
Consumer Discretionary | 9,778 | 9,694 | 9,750 | ||||||||||
| Harland Clarke Holdings Corp., L+250, 6/30/14(d)(f)(g) |
Industrials | 6,824 | 5,876 | 5,795 | ||||||||||
| HCR Manor Care, Inc., L+350, 1.5% LIBOR Floor, 4/6/18(e) |
Healthcare | 3,148 | 3,112 | 2,895 | ||||||||||
| Hupah Finance Inc., L+500, 1.3% LIBOR Floor, 1/21/19(d) |
Industrials | 9,649 | 9,456 | 9,625 | ||||||||||
| Immucor, Inc. , L+575, 1.5% LIBOR Floor, 8/19/18(d) |
Healthcare | 7,824 | 7,525 | 7,886 | ||||||||||
| INC Research, LLC, L+575, 1.3% LIBOR Floor, 7/12/18(e) |
Healthcare | 11,970 | 11,629 | 11,731 | ||||||||||
| Intelligrated, Inc., L+575, 1.8% LIBOR Floor, 2/18/17(e) |
Information Technology | 4,750 | 4,709 | 4,726 | ||||||||||
| Intralinks, Inc., L+425, 1.5% LIBOR Floor, 6/15/14(e)(g) |
Information Technology | 1,045 | 894 | 1,013 | ||||||||||
| inVentiv Health, Inc., L+525, 1.5% LIBOR Floor, 5/15/18(d) |
Healthcare | 5,073 | 5,025 | 4,870 | ||||||||||
| Ipreo Holdings LLC, L+650, 1.5% LIBOR Floor, 8/7/17(e) |
Information Technology | 14,642 | 14,306 | 14,312 | ||||||||||
| J.Crew Group, Inc., L+350, 1.3% LIBOR Floor, 3/7/18 |
Consumer Discretionary | 3,990 | 3,499 | 3,758 | ||||||||||
| KIK Custom Products Inc., L+225, 5/31/14(d)(g) |
Consumer Staples | 10,382 | 9,446 | 8,898 | ||||||||||
| Kinetic Concepts, Inc., L+575, 1.3% LIBOR Floor, 5/4/18(d) |
Healthcare | 14,388 | 13,750 | 14,538 | ||||||||||
| Klune Industries, Inc., L+700, 2.0% LIBOR Floor, 8/31/17(e) |
Industrials | 71,858 | 70,492 | 72,426 | ||||||||||
| La Paloma Generating Co., LLC, L+550, 1.5% LIBOR Floor, 8/25/17 |
Energy | 5,785 | 5,511 | 5,657 | ||||||||||
| Lantiq Deutschland GmbH, L+700, 2.0% LIBOR Floor, 11/16/15(d)(e)(g) |
Information Technology | 10,707 | 10,682 | 9,369 | ||||||||||
| Maritime Telecommunications Network, Inc., L+600, 1.5% LIBOR Floor, 3/4/16(e) |
Telecommunication Services | 7,359 | 7,265 | 7,327 | ||||||||||
| MDA Info Products Ltd., L+550, 1.5% LIBOR Floor, 1/4/17 |
Information Technology | 4,950 | 4,888 | 4,216 | ||||||||||
| Mood Media Corp., L+550, 1.5% LIBOR Floor, 5/4/18(d)(g) |
Consumer Discretionary | 3,658 | 3,625 | 3,405 | ||||||||||
| Mosaic U.S. Holdings Inc., L+275, 4/3/13(e) |
Consumer Discretionary | 873 | 744 | 829 | ||||||||||
| NCO Group, Inc., L+500, 2.5% LIBOR Floor, 5/15/13(d) |
Information Technology | 7,480 | 7,454 | 7,420 | ||||||||||
| Norit Holding BV, L+525, 1.5% LIBOR Floor, 7/8/17(d)(g) |
Industrials | 3,069 | 3,027 | 3,100 | ||||||||||
| NPC International, Inc., L+525, 1.5% LIBOR Floor, 12/28/18(d) |
Consumer Discretionary | 4,304 | 4,218 | 4,320 | ||||||||||
| NSH Merger Sub, Inc., L+650, 1.8% LIBOR Floor, 2/3/17(e) |
Healthcare | 15,401 | 15,298 | 14,978 | ||||||||||
| OpenLink International, Inc., L+625, 1.5% LIBOR Floor, 10/25/17 |
Information Technology | 7,317 | 7,173 | 7,345 | ||||||||||
| Ozburn-Hessey Holding Co., LLC, L+550, 2.0% LIBOR Floor, 4/8/16(d) |
Industrials | 3,504 | 3,498 | 3,097 | ||||||||||
| Pharmaceutical Product Development, Inc., L+500, 1.3% LIBOR Floor, 12/5/18(d) |
Healthcare | 12,681 | 12,492 | 12,623 | ||||||||||
| Playboy Enterprises, Inc., L+650, 1.8% LIBOR Floor, 3/4/17 |
Consumer Discretionary | 5,557 | 5,567 | 5,334 | ||||||||||
| Presidio Inc., L+550, 1.8% LIBOR Floor, 3/31/17(e)(f) |
Industrials | 13,250 | 13,046 | 13,124 | ||||||||||
| Protection One, Inc., L+425, 1.8% LIBOR Floor, 6/4/16(d) |
Consumer Discretionary | 2,239 | 2,214 | 2,228 | ||||||||||
| Remy International, Inc., L+450, 1.8% LIBOR Floor, 12/17/13(d)(g) |
Consumer Discretionary | 4,052 | 3,959 | 4,005 | ||||||||||
| Res-Care, Inc., L+550, 1.8% LIBOR Floor, 12/22/16(e) |
Consumer Discretionary | 4,950 | 4,867 | 4,727 | ||||||||||
| Reynolds Group Holdings, Inc., L+525, 1.3% LIBOR Floor, 2/9/18(d)(g) |
Consumer Discretionary | 1,969 | 1,905 | 1,961 | ||||||||||
| Reynolds Group Holdings, Inc., L+525, 1.3% LIBOR Floor, 7/31/18(d)(g) |
Consumer Discretionary | 9,746 | 9,654 | 9,707 | ||||||||||
| Sagittarius Restaurants LLC, L+550, 2.0% LIBOR Floor, 5/18/15(e) |
Consumer Discretionary | 2,592 | 2,571 | 2,576 | ||||||||||
| Sealed Air Corp., L+375, 1.0% LIBOR Floor, 10/3/18(d)(g) |
Industrials | 6,425 | 6,301 | 6,498 | ||||||||||
| Sheridan Production Co., LLC, L+550, 2.0% LIBOR Floor, 4/20/17(d) |
Energy | 10,342 | 10,262 | 10,362 | ||||||||||
| Shield Finance Co. Sarl, L+563, 2.0% LIBOR Floor, 6/15/16(e)(g) |
Information Technology | 4,664 | 4,642 | 4,664 | ||||||||||
| Sitel, LLC, L+675, 1/30/17(d) |
Telecommunication Services | 5,966 | 5,705 | 5,691 | ||||||||||
| Smile Brands Group Inc., L+525, 1.8% LIBOR Floor, 12/21/17(d) |
Healthcare | 5,906 | 5,830 | 5,896 | ||||||||||
| Sorenson Communication, Inc., L+400, 2.0% LIBOR Floor, 8/16/13(d) |
Telecommunication Services | 14,289 | 13,889 | 13,832 | ||||||||||
| Spansion, LLC, L+550, 2.0% LIBOR Floor, 2/9/15(d)(g) |
Information Technology | 10,818 | 10,705 | 10,696 | ||||||||||
| Sports Authority, Inc., L+600, 1.5% LIBOR Floor, 11/16/17(d) |
Consumer Discretionary | 9,910 | 9,668 | 9,588 | ||||||||||
| Sprouts Farmers Markets, LLC, L+475, 1.3% LIBOR Floor, 4/15/17 |
Consumer Discretionary | 5,250 | 5,250 | 4,804 | ||||||||||
| SRA International, Inc., L+525, 1.3% LIBOR Floor, 7/20/18(d)(e) |
Industrials | 17,522 | 16,694 | 16,588 | ||||||||||
| Star West Generation LLC, L+450, 1.5% LIBOR Floor, 5/17/18(d) |
Utilities | 4,231 | 4,211 | 4,167 | ||||||||||
| Styron Sarl, L+450, 1.5% LIBOR Floor, 6/14/16(d) |
Materials | 4,089 | 4,089 | 3,553 | ||||||||||
See notes to unaudited consolidated financial statements.
15
FS Investment Corporation
Consolidated Schedule of Investments (continued)
As of December 31, 2011
(in thousands, except share amounts)
| Portfolio Company(a) |
Industry | Principal Amount(b) |
Amortized Cost |
Fair Value(c) |
||||||||||
| Summit Entertainment, LLC, L+600, 1.5% LIBOR Floor, 8/28/16(d) |
Consumer Discretionary | $ | 13,523 | $ | 13,359 | $ | 13,388 | |||||||
| Summit Materials Companies I, LLC, L+500, 1.5% LIBOR Floor, 12/31/15(d) |
Materials | 3,960 | 3,891 | 3,935 | ||||||||||
| Surgery Center Holdings, Inc., L+500, 1.5% LIBOR Floor, 2/6/17(d) |
Healthcare | 993 | 1,005 | 926 | ||||||||||
| TASC, Inc., L+325, 1.3% LIBOR Floor, 12/18/15 |
Industrials | 537 | 512 | 536 | ||||||||||
| Telcordia Technologies Inc., L+500, 1.8% LIBOR Floor, 4/30/16(d) |
Telecommunication Services | 8,748 | 8,766 | 8,748 | ||||||||||
| Texas Competitive Electric Holdings Co. LLC, L+350, 10/10/14 |
Utilities | 4,000 | 3,069 | 2,804 | ||||||||||
| Texas Competitive Electric Holdings Co. LLC, L+450, 10/10/17(d) |
Utilities | 12,867 | 10,540 | 8,180 | ||||||||||
| TNS, Inc., L+400, 2.0% LIBOR Floor, 11/18/15(d)(g) |
Telecommunication Services | 1,247 | 1,247 | 1,243 | ||||||||||
| Toys”R”Us, Inc., L+450, 1.5% LIBOR Floor, 8/17/16(d) |
Consumer Discretionary | 6,666 | 6,635 | 6,593 | ||||||||||
| Unifrax I LLC, L+550, 1.5% LIBOR Floor, 11/28/18(d) |
Industrials | 14,100 | 13,819 | 14,171 | ||||||||||
| Univar Inc., L+350, 1.5% LIBOR Floor, 4/28/17(d) |
Materials | 6,575 | 6,575 | 6,357 | ||||||||||
| Univision Communications Inc., L+425, 9/29/14(d) |
Consumer Discretionary | 10,000 | 8,661 | 8,932 | ||||||||||
| VPG Group Holdings LLC, L+900, 1.0% LIBOR Floor, 10/5/16(e) |
Materials | 57,068 | 55,971 | 56,213 | ||||||||||
| W3 Co., L+625, 1.3% LIBOR Floor, 4/28/18 |
Industrials | 7,000 | 6,725 | 6,755 | ||||||||||
| Web.com Group, Inc., L+550, 1.5% LIBOR Floor, 10/27/17(d)(e)(g) |
Information Technology | 35,000 | 30,867 | 32,244 | ||||||||||
| Yell Group Plc, L+300, 7/31/14(g) |
Consumer Discretionary | 785 | 695 | 221 | ||||||||||
| Zayo Group, LLC, L+550, 1.5% LIBOR Floor, 9/15/16 |
Telecommunication Services | 6,000 | 5,822 | 5,981 | ||||||||||
|
|
|
|
|
|||||||||||
| Total Senior Secured Loans—First Lien |
1,043,519 | 1,043,485 | ||||||||||||
| Unfunded Loan Commitments |
(20,302 | ) | (20,302 | ) | ||||||||||
|
|
|
|
|
|||||||||||
| Net Senior Secured Loans—First Lien |
1,023,217 | 1,023,183 | ||||||||||||
|
|
|
|
|
|||||||||||
| Senior Secured Loans—Second Lien—25.9% |
||||||||||||||
| Advance Pierre Foods, Inc., L+950, 1.8% LIBOR Floor, 9/29/17(d)(e) |
Consumer Staples | 17,000 | 17,040 | 16,958 | ||||||||||
| Advantage Sales & Marketing Inc., L+775, 1.5% LIBOR Floor, 6/17/18(d) |
Industrials | |||||||||||||