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Franklin Square Closes Secured Financing for Pittsburgh Glass Works

December 23, 2015, 07:52 AM
Filed Under: Manufacturing

Franklin Square Capital Partners announced the origination of a new senior secured loan to Pittsburgh Glass Works, LLC (PGW), a leading North American manufacturer, supplier and distributor of automotive glass products. Franklin Square and GSO Capital Partners led the $410 million financing with $181 million commitment to support company's global growth.

PGW is a portfolio company of Kohlberg & Co (Kohlberg), a New York-based private equity firm focused on the middle market. The financing was provided by FS Investment Corporation, 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, an affiliate of GSO Capital Partners LP (GSO).

"We are pleased to provide a customized credit solution to a leader in the automotive glass industry like Pittsburgh Glass Works," said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III.

"We are excited to add the investment in PGW to the FSIC portfolios. With its growing presence in global markets and favorable cost structure, we believe that the company is a technological leader among automotive glass producers," said Brad Marshall, Senior Managing Director at GSO.

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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