FS GLOBAL CREDIT OPPORTUNITIES FUND
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1 FS GLOBAL CREDIT OPPORTUNITIES FUND An investment in any fund sponsored by FS Investments involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks, charges and expenses of the applicable fund carefully before investing. The applicable fund s prospectus contains this and other information. Investors may obtain a copy of the applicable fund s prospectus free of charge at or by contacting FS Investments at 201 Rouse Boulevard, Philadelphia, PA or by phone at Investors should read and carefully consider all information found in the applicable fund s prospectus and other reports filed with the U.S. Securities and Exchange Commission (the SEC) before investing. This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made only by a prospectus, which must be made available to you in connection with this offering. No offering is made to New York investors except by a prospectus filed with the Department of Law of the State of New York.
2 RISK FACTORS Investments in FS Global Credit Opportunities Fund (the Fund) are made indirectly through FS Global Credit Opportunities Fund T2 (FSGCO T2) and FS Global Credit Opportunities Fund ADV (FSGCO ADV and, together with FSGCO T2, the Companies), which invest substantially all of the net proceeds from their public offerings in common shares of the Fund. The Fund is a separate, non-diversified, closed-end management investment company that carries out the investment strategies generally described herein. An investment in the Companies involves a high degree of risk and may be considered speculative. The following are some of the risks an investment in the common shares of the Companies involves; however, investors should carefully consider all of the risks discussed in the applicable Company s prospectus, including the risk factors set forth under the heading Types of Investments and Related Risks, before deciding to invest in such Company s common shares. An investment in the Companies common shares is not suitable for an investor if they need access to the money they invest. Shareholders should consider that they may not have access to the money they invest for an indefinite period of time. Unlike an investor in most closed-end funds, the Companies shareholders should not expect to be able to sell their common shares regardless of how the Companies perform. If a shareholder is able to sell their common shares, the shareholder will likely receive less than their purchase price and the then-current net asset value per common share. Investors in the common shares are subject to an annual distribution fee of up to 1.33% in the case of FSGCO T2 and 0.67% in the case of FSGCO ADV, based on the net asset value of the common shares. Such annual distribution fee, in the case of FSGCO T2, will begin to accrue on the first day of the first full calendar month following the final weekly closing in the applicable Company s continuous public offering, and in the case of FSGCO ADV, will begin to accrue on the later of the date such share is purchased or August 1, Investors in the common shares of FSGCO T2 also will be subject to a contingent deferred sales charge if they tender their common shares for repurchase by FSGCO T2 at any time prior to the third anniversary of the date on which the distribution fee begins to accrue. The maximum contingent deferred sales charge is 1.00%, which assumes a shareholder tenders his or her common shares prior to the first anniversary of the date on which the distribution fee begins to accrue. The distribution fee will terminate for all shareholders upon the occurrence of a liquidity event. As a result, there may be a conflict of interest relating to the timing with which FS Global Advisor, LLC seeks to complete a liquidity event for shareholders. Unlike most closed-end funds, the Companies common shares are not listed on any securities exchange and the Companies intend to evaluate completing a liquidity event within seven years following December 12, 2013, the date on which the Fund commenced investment operations. To provide shareholders with limited liquidity, the Companies intend to conduct quarterly repurchases of common shares. In addition, common shares of FSGCO T2 may be subject to a contingent deferred sales charge. The Companies distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Companies for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses, as well as any applicable sales load. Even if the Fund does eventually list its common shares, common shares of closed-end funds frequently trade at a discount to net asset value and this creates a risk of loss for investors who purchase common shares at the offering price. This risk is separate and distinct from the risk that the Companies net asset values will decrease. The Fund s investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk, require a high level of analytical sophistication for successful investment and require active monitoring. The Fund s investments in various types of debt securities and instruments may be secured, unsecured, rated or unrated, are subject to non-payment risk, and may be speculative in nature. Below investment grade instruments (commonly referred to as high yield securities or junk bonds ) may be particularly susceptible to economic downturns, which could cause losses. The Fund may invest in illiquid and restricted securities that may be difficult to dispose of at a fair price. The Fund s use of leverage could result in special risks for Fund shareholders, including the Companies, and can magnify the effect of any losses. Investments in certain securities or other instruments of non-u.s. issuers or borrowers may involve factors not typically associated with investing in the United States or other developed countries. Securities or other instruments of non-u.s. securities may be traded in underdeveloped, inefficient and less-liquid markets and may experience greater price volatility, illiquidity and changes in value. FS Global Advisor, LLC, GSO Capital Partners LP and certain of their affiliates may experience conflicts of interest in connection with the management of the Fund. FSGCO T2 has no operating history and FSGCO ADV and the Fund have limited operating histories, and each are subject to the business risks and uncertainties associated with any new business. The Fund seeks to achieve its investment objectives by focusing on a limited number of opportunities across the investment universe. The public offerings by the Companies are being made on a best efforts basis. To the extent that less than the maximum number of common shares is subscribed for, the opportunity for the allocation of the Fund s investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund s expenses over a smaller capital base. 2
3 AN ALTERNATIVE SOURCE OF INCOME AND GROWTH FS Global Credit Opportunities Fund (FSGCO) may help generate an alternative source of income and growth by identifying and investing in the credit of undervalued companies. A value-based strategy helps identify long-term investment opportunity FSGCO invests in the corporate credit of undervalued companies predominantly in the U.S. and Western Europe. Investing at a reduced price and holding for the long term offers investors opportunity for a steady stream of income while they wait for long-term growth. THREE REASONS TO CHOOSE FSGCO: OBJECTIVE OF A VALUE-BASED CREDIT INVESTING STRATEGY Negative event Loan matures A strategy focused on income and growth Sell higher Loan is originated Buy low Positive news An investor-focused structure Loan pays income Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Life of loan This hypothetical example illustrates the goal of a value-based strategy investing in credit and is for illustrative purposes only. There is no guarantee that any investment by FSGCO will perform in the manner illustrated above. Asset managers experienced in navigating the credit market 3
4 STRATEGY FINDING VALUE IN CREDIT MARKETS Identifying and investing in value-based opportunities can provide investors with income as well as the opportunity for long-term growth. Types of value investing strategies FSGCO invests in loans or bonds that are trading at a lower market price than its fund managers consider justified. This lower market price may be due to one of the following scenarios. EVENT-DRIVEN OPPORTUNITIES Events may include corporate events, such as mergers or acquisitions SPECIAL SITUATIONS Mispricing of a loan or bond due to financial stress MARKET PRICE INEFFICIENCIES Companies or industries that are out of favor with the broader markets Finding value across the capital structure FSGCO invests where it believes are the best value-based opportunities, across the capital structure. The capital structure guides how a company repays its obligations in the case of financial stress or bankruptcy. Secured debt sits at the top and usually must be repaid before unsecured debt or equity investments. Senior secured loans are typically issued by below investment grade companies, may be difficult to value and illiquid. Although senior secured loans may be secured by a company s assets, there can be no assurance that the collateral will not decrease in value or lose its entire value over time. CAPITAL STRUCTURE Paid first Senior secured loans 1st + 2nd lien Unsecured debt Equity Paid last 4
5 STRUCTURE A STRUCTURE DESIGNED FOR ALL PHASES OF THE MARKET CYCLE FSGCO is an unlisted closed-end fund that invests with a value based, long-term approach. Designed for the long term Because it raises capital and invests over time, FSGCO has the opportunity to buy undervalued assets and hold assets that may have the potential to deliver long-term results. FSGCO s manager generally will not be forced to sell assets to create liquidity for investors, an issue that liquid investments such as mutual funds may face. CONTINUOUS OFFERING MODEL Hypothetical market fluctuations Capital to deploy in both up and down markets FSGCO S STRUCTURE CAN TAKE ADVANTAGE OF CHANGING MARKET CONDITIONS. AUM Unlike most closed-end funds, the Companies common shares are not listed on any securities exchange and the Companies intend to evaluate completing a liquidity event within seven years following December 12, FSGCO has an illiquid structure, and is not suitable for investors that need access to the money they invest for an indefinite period of time. Investors may have to hold most or all of their position until a liquidity event is reached. 5
6 MANAGER THE MANAGER MATTERS Size and scale create opportunities that may result in better performance. FSGCO is managed by FS Investments and sub-advised by GSO Capital Partners, the credit platform of Blackstone, a global leader in the industry. FS Investments a leading manager of alternative income FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. Our goal is to provide access to alternative sources of income and growth through funds managed in partnership with top institutional investment advisers. We focus on setting industry standards for investor protection, education and transparency. $20.5B in assets under management1 $20.8B in total direct originations1 FS INVESTMENTS GSO / BLACKSTONE GSO / Blackstone one of the largest alternative lenders in the world GSO is one of the largest alternative managers in the world focused on the leveraged finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special situation strategies. Its funds are major providers of credit for small and middle market companies and it also advances rescue financing to help distressed companies. $93.1B in assets under management1 1 As of March 31,
7 FSGCO is a long-term investment intended to provide income and capital appreciation. OTHER IMPORTANT DISCLOSURES FSGCO is a long-term investment for persons of adequate financial means who have no need for liquidity in their investment. To invest in FSGCO, an investor must have either (i) a net worth of at least $70,000 and an annual gross income of at least $70,000, or (ii) a net worth of at least $250,000. Some states impose higher suitability standards. Please consult the prospectus for a detailed description of the suitability standards imposed on investors, including heightened standards required by certain states. FS Investment Solutions, LLC (FS Investment Solutions), the dealer manager for FSGCO s public offering, is an affiliate of FSGCO s investment adviser and serves or has served as the dealer manager for the public offerings of shares by other nontraded funds sponsored by FS Investments. These relationships may create conflicts in connection with FS Investment Solutions due diligence obligations under the federal securities laws. FS Investment Solutions is entitled to compensation in connection with this offering, including receiving selling commissions (which are generally reallowed to selling broker-dealers) and dealer manager fees based on the gross offering proceeds of shares sold in the offering. FS Investment Solutions may also be reimbursed for accountable due diligence expenses based on the gross offering proceeds of shares sold in this offering. In addition, FSGCO s investment adviser and its affiliates may face conflicts of interest as a result of compensation arrangements, time constraints and competition for investments, which they will attempt to resolve in a fair and equitable manner. 7
8 TO LEARN MORE ABOUT INVESTING IN ALTERNATIVES visit FS Investment Solutions, LLC 201 Rouse Boulevard, Philadelphia, PA Member FINRA/SIPC 2017 FS Investments BRO-FSGCO-INV TGI JL17
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