Franklin Square announces senior secured financing for Healthcare Staffing Services
Headquartered in Denver, CO, HSS is a leading healthcare staffing firm that specializes in providing nationwide "rapid response" nurse staffing services to healthcare facilities that have urgent needs for qualified nurses.
The financing was provided by FS Investment Corporation FSIC, 0.31% 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). The senior secured loan facilitated a recapitalization of the company through which Thomas H. Lee Partners, L.P. (THL), a leading private equity investment firm, acquired a majority equity stake in HSS.
"This financing is a great example of our strategy to focus on investments at the top of the capital structure of leading companies. The scale of our platform enables speed and surety of execution, which we believe serves as a competitive advantage and attracts both borrowers and financial sponsors," said Michael C. Forman, chairman and chief executive officer of FSIC, FSIC II and FSIC III.
"We are excited to add the investment in HSS to the portfolios of the BDCs on the Franklin Square platform. HSS displays strong credit fundamentals with a history of revenue growth and strong cash flow generation," said Brad Marshall, senior managing director at GSO.