FS Energy and Power Fund (“FSEP” or the “Company”) has terminated the company’s quarterly tender offer and suspended the share repurchase program, citing difficult market conditions and events relating to crude oil production. The decision leaves shareholders who may wish to sell their shares with limited options for liquidity..
FSEP suspended regular cash distributions to shareholders after March 31, 2020. As a result of this tender offer termination, no shares will be purchased and all shares previously tendered will be returned to shareholders. The board also decided to suspend the share repurchase program for an indefinite period of time and will reassess the company’s ability to recommence the program in the future.
FSEP launched in July 2011 to invest primarily in privately-held U.S. companies in the energy and power industry and closed its public offering in November 2016. Upon information and belief, as a publicly registered, non-traded BDC, FSEP was marketed and recommended to numerous retail investors nationwide