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Franklin Square Provides Financing for Rogue Wave Aquisition

October 27, 2015, 07:52 AM
Filed Under: Mergers & Acquisitions

Franklin Square Capital Partners announced the origination of a new senior secured loan to Rogue Wave Software, a leading provider of cross-platform software development tools and libraries. The loan facilitated the refinancing of Rogue Wave's existing debt and acquisition of Zend Technologies, the leader in end-to-end web and mobile application development for the PHP web language.

Rogue Wave is a portfolio company of Audax Group (Audax), a Boston, MA based investment firm focused on the middle market. The financing was provided by FS Investment Corporation FSIC, +0.00% FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO Capital Partners LP (GSO).

"We are pleased to provide a timely financing solution to a software industry leader like Rogue Wave," said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. "The transaction is another example of our ability to draw upon the collective capital base across the FSIC fund franchise to provide customized credit solutions to strong middle market companies."

"Rogue Wave holds a significant market position in the software industry, and with its strong customer base, track record of growth and quality of earnings, we believe the company is poised for continued success," said Brad Marshall, Senior Managing Director at GSO.

Specific terms of the financing were not disclosed.

FSIC is a publicly traded BDC focused on providing customized credit solutions to private middle market U.S. companies. FSIC seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies to achieve the best risk-adjusted returns for its investors. In connection with its debt investments, FSIC may receive equity interests such as warrants or options.

FSIC is advised by FB Income Advisor, LLC, an affiliate of Franklin Square, and is sub-advised by GDFM, an affiliate of GSO. GSO, with approximately $80.8 billion in assets under management as of September 30, 2015, is the credit platform of Blackstone, one of the world's leading managers of alternative investments. For more information, please visit

Franklin Square is a leading manager of alternative investment funds designed to enhance investors' portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. The firm's funds offer "endowment-style" investment strategies that help construct diversified portfolios and manage risk. Franklin Square strives not only to maximize investment returns but also to set the industry standard for best practices by focusing on transparency, investor protection and education for investment professionals and their clients.

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