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Franklin Square Upsizes Commitment to A.P. Plasman by $50 Million

Franklin Square Capital Partners, a manager of business development companies, announced a $50 million upsizing of its senior secured unitranche loan to A.P. Plasman, Inc., a designer and manufacturer of exterior trim products for a variety of industries.

The loan will be used to support A.P. Plasman’s acquisition of Plastal Industri, a supplier of exterior painted trim products for the automotive industry. A.P. Plasman is a portfolio company of Insight Equity, a New York-based middle market private equity investment firm.

Financing was provided by FS Investment Corporation (NYSE: FSIC), a BDC managed by an affiliate of Franklin Square and sub-advised by an affiliate of GSO Capital Partners LP. The upsized deal represents FSIC’s sixth round of funding for A.P. Plasman.

The Plastal Industri acquisition establishes a European presence for A.P. Plasman, diversifies the company’s product mix and expands its customer base, according to the company.

Founded in Philadelphia in 2007, Franklin Square has introduced a number of credit-based income funds, including the industry’s first non-traded business development company. As of March 31, 2016, the firm managed approximately $17 billion in total assets, including $15.4 billion in BDC assets, making it the largest manager of BDCs.

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