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| 8-K - CURRENT REPORT - FS Energy & Power Fund | fsep-8k_081412.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
FS Energy and Power Fund Provides Second Quarter Results and Announces Details of Quarterly Shareholder Conference Call
PHILADELPHIA, PA, August 14, 2012 – FS Energy and Power Fund (“FSEP”), a business development company focused primarily on investing in the debt and income-oriented equity securities of privately-held U.S. companies in the energy and power industry, provides an overview of its operating results for the quarter ended June 30, 2012. As previously announced, FSEP will hold its second quarter investor conference call at 2:30 p.m. Eastern Time on Wednesday, August 15, 2012 to discuss these results.
Financial Highlights
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As of August 13, 2012, FSEP had raised total equity capital of approximately $355.3 million, including approximately $25 million raised from common shares sold to members of FSEP’s board of trustees and individuals and entities affiliated with FSEP’s investment adviser and sub-adviser, GSO Capital Partners LP.
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During the three months ended June 30, 2012, FSEP generated:
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Total GAAP-basis net investment income of approximately $3.1 million, or $0.15 per share; and
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Total net realized gains of approximately $592,000, or $0.03 per share.
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During the six months ended June 30, 2012, FSEP generated a GAAP-basis total return of 5.11%.
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For the three months ended June 30, 2012, FSEP paid cash distributions to investors totaling $0.1563 per share.
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Recent Notable Announcements
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On July 31, 2012, FSEP increased its public offering price from $10.05 to $10.10 per share. This increase in FSEP’s public offering price was effective as of FSEP’s August 1, 2012 semi-monthly closing and first applied to subscriptions received from July 16, 2012 through July 31, 2012.
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FSEP’s Chairman and Chief Executive Officer, Michael C. Forman, commented “We are excited by FSEP’s performance and the steady and growing pace of our capital raise during the second quarter of 2012. We believe FSEP’s investment strategy, focused on generating current income with the potential for upside, along with our access to GSO / Blackstone’s proprietary deal flow, favorably positions the Fund to benefit from the energy and power sector’s favorable demand characteristics and strong downside protections.”
Investor Update Call
FSEP will hold its second quarter investor call on Wednesday, August 15, 2012, at 2:30 p.m. Eastern Time. In order to participate, interested parties should dial (800) 446-1671 at least 10 minutes prior to the beginning of the conference call and provide the confirmation code 32934546 when prompted. An audio archive of the call will be available for replay. The link to the audio archive can be found under the “Investor Relations” section of FSEP’s website (www.fsenergyandpowerfund.com), and will be available for a period of 30 days following the call.
Other Information
The information in this press release is summary information only and should be read in conjunction with FSEP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, which FSEP filed with the Securities and Exchange Commission (“SEC”) on August 14, 2012, as well as FSEP’s other reports filed with the SEC. A copy of FSEP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 and FSEP’s other reports filed with the SEC can be found on FSEP’s website at www.fsenergyandpowerfund.com and the SEC’s website at www.sec.gov.
Forward-Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance of FSEP. Words such as “believes,” “expects,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings FSEP makes with the SEC. FSEP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About FS Energy and Power Fund
FSEP, the second investment fund sponsored by Franklin Square Capital Partners (“Franklin Square”), is a publicly registered, non-traded business development company. FSEP focuses primarily on investing in the debt and income-oriented equity securities of privately-held U.S. companies in the energy and power industry. FSEP’s investment objective is to generate current income and long-term capital appreciation. FSEP is managed by FS Investment Advisor, LLC and is sub-advised by GSO Capital Partners LP (“GSO”). GSO, with approximately $50.5 billion in assets under management as of June 30, 2012, is the credit platform of The Blackstone Group L.P. For more information, please visit www.fsenergyandpowerfund.com.
About Franklin Square Capital Partners
Franklin Square is a national sponsor and distributor of alternative investment products structured for the mainstream investor. Founded in 2007 by an experienced group of alternative investment industry professionals, Franklin Square’s goal is to bring the benefits of an institutional-class investment portfolio to investors through exposure to innovative alternative investment products managed by what it deems to be best-in-class alternative asset managers. Franklin Square believes that institutional investment portfolios, with their access to the strong return potential and diversifying power of alternative assets, are better-suited to manage risk and generate above-market returns than their traditional counterparts. Franklin Square is committed to best practices and transparency, including a commitment to not fund distributions with offering proceeds or borrowings, mark-to-market pricing and a significant sponsor investment in its products. Franklin Square distributes its sponsored financial products to the broker-dealer community through its affiliated wholesaling broker-dealer, FS2 Capital Partners, LLC. For more information, please visit www.franklinsquare.com.