FS Investment Corporation 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by FS Investment Corporation (FSIC) on November 1, 2010, reporting events occurring on October 29, 2010. The registrant is a Maryland corporation operating as a closed-end management investment company.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The primary financial data disclosed relates to share pricing and distribution rates:
- Public Offering Price: Increased from $10.40 to $10.50 per share.
- Semi-Monthly Distribution: Increased from $0.03185 to $0.032156 per share.
- Target Annual Distribution Yield: Maintained at 7.35% based on the new $10.50 offering price.
Material Changes
The Board of Directors approved an increase in the public offering price and semi-monthly distributions to maintain the target yield. The price increase is effective for subscriptions received between October 16, 2010, and October 29, 2010, applying to the November 1, 2010, semi-monthly closing. The increased distribution rate is expected to commence with distributions declared in November 2010 for stockholders of record on November 14 and November 29, 2010, payable on November 30, 2010.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of specific risks and contingencies beyond the operational changes to pricing and distributions. The filing references a press release (Exhibit 99.1) for further details.
Key Facts for Investor Verification
- Verify the effective date of the new $10.50 offering price for pending subscriptions.
- Confirm the record dates (November 14 and 29, 2010) and payment date (November 30, 2010) for the increased distribution of $0.032156 per share.
- Review the attached press release (Exhibit 99.1) for additional context on the yield maintenance strategy.