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, a provider of 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-based investment 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 (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.