# EDGAR Filing Document

**Accession Number:** 0002065812
**File Stem:** 0001104659-25-115023
**Filing Date:** 2025-11
**Character Count:** 18557
**Document Hash:** 349f2676bdca82b8c7342107391c8963
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-115023.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001104659-25-115023

**CONFORMED SUBMISSION TYPE**: N-14 8C/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FS Specialty Lending Fund
- **CENTRAL INDEX KEY:** 0002065812

**ORGANIZATION NAME:**
- **EIN:** 276822130
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-14 8C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286859
- **FILM NUMBER:** 251508383

**BUSINESS ADDRESS:**
- **STREET 1:** 201 ROUSE BOULEVARD
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** 8776288575

**MAIL ADDRESS:**
- **STREET 1:** 201 ROUSE BOULEVARD
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New FS Specialty Lending Fund
- **DATE OF NAME CHANGE:** 20250425

As filed with the Securities and Exchange Commission on November 21, 2025

**Registration No. 333-286859**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549**

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

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| | |
|:---|:---|
| **Pre-Effective Amendment No.** | ◻ |
| **Post-Effective Amendment No. 1** | ⌧ |

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*(Check appropriate box or boxes)*

**FS Specialty Lending Fund**

**(Exact Name of Registrant as Specified in Charter)**

**201 Rouse Boulevard<br> Philadelphia, Pennsylvania 19112**<br> (Address of Principal Executive Offices)

**(215) 495-1150**<br> (Area Code and Telephone Number)

**Stephen S. Sypherd<br> FS Investments<br> 201 Rouse Boulevard<br> Philadelphia, Pennsylvania 19112**<br> (Name and Address of Agent for Service)

*Copies to:*

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| | |
|:---|:---|
| &nbsp;&nbsp;**Kevin T. Hardy<br> Skadden, Arps, Slate, Meagher & Flom LLP<br> 320 South Canal Street<br> Chicago, Illinois 60606<br> Telephone: (312) 407-0641** | &nbsp;&nbsp; **Michael K. Hoffman**<br> **Skadden, Arps, Slate, Meagher & Flom LLP**<br> **One Manhattan West**<br> **New York, New York 10001**<br> **(212) 735-3406** |

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***Approximate Date of Proposed Public Offering***: As soon as practicable.

**It is proposed that this filing will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended**

**EXPLANATORY NOTE**

The Joint Proxy Statement/Prospectus and Statement of Additional Information filed with the Securities and Exchange Commission (the "SEC") on July 2, 2025 pursuant to Rule 424(b)(3) of the Securities Act of 1933, are incorporated herein by reference. This Post-Effective Amendment is being filed for the purpose of filing the final tax opinion as Exhibit 12 to this Registration Statement on Form N-14.

**PART C: OTHER INFORMATION**

**ITEM 15. *Indemnification***

Reference is made to Article VII, Sections 7.2 through 7.8, of the Registrant's Declaration of Trust, a copy of which is filed herewith, and which is incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "<u>Act</u>"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Fund's Declaration of Trust, its Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**ITEM 16. *Exhibits***

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| [(1)(a)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xa.htm) | [Certificate of Trust of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xa.htm) |
| [(1)(b)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xb.htm) | [Amended and Restated Agreement and Declaration of Trust of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xb.htm) |
| [(2)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x2.htm) | [Bylaws of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x2.htm) |
| (3) | Not applicable |
| [(4)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_n148c.htm#an_070) | [Agreement and Plan of Reorganization, filed as Appendix B to the Joint Proxy Statement/Prospectus constituting Part A of the Registration Statement(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_n148c.htm#an_070) |
| (5) | Not applicable |
| [(6)(a)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925103244/tm2529568d1_ex10-1.htm) | [Investment Advisory Agreement between the Registrant and FS/EIG Advisor, LLC(3)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925103244/tm2529568d1_ex10-1.htm) |
| [(6)(b)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925103244/tm2529568d1_ex10-2.htm) | [Fee Waiver Agreement between the Registrant and FS/EIG Advisor, LLC(4)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925103244/tm2529568d1_ex10-2.htm) |
| (7) | Not applicable |
| (8) | Not applicable |
| [(9)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x9.htm) | [Form of Custodian Agreement between Registrant and State Street Bank and Trust Company(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x9.htm) |
| (10) | Not applicable |
| [(11)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925059408/tm2513238d3_ex99-x11.htm) | [Opinion and Consent of Skadden, Arps, Slate, Meagher & Flom LLP(2)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925059408/tm2513238d3_ex99-x11.htm) |
| [(12)](tm2531850d1_ex99-x12.htm) | [Tax opinion of Skadden, Arps, Slate, Meagher & Flom LLP\*](tm2531850d1_ex99-x12.htm) |
| [(13)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925103244/tm2529568d1_ex10-3.htm) | [Administration Agreement between the Registrant and FS/EIG Advisor, LLC(5)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925103244/tm2529568d1_ex10-3.htm) |
| [(14)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925059408/tm2513238d3_ex99-x14.htm) | [Consent of the Independent Registered Public Accounting Firm for the Registrant and FS Specialty Lending Fund(2)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925059408/tm2513238d3_ex99-x14.htm) |
| (15) | Not applicable |
| [(16)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x16.htm) | [Power of Attorney(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x16.htm) |
| [(17)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x17.htm) | [Form of Proxy Card for FS Specialty Lending Fund(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x17.htm) |
| [(18)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925059408/tm2513238d3_exfilingfees.htm) | [Calculation of Filing Fee Tables(2)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925059408/tm2513238d3_exfilingfees.htm) |

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\* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Incorporated by reference to the Registration Statement on Form N-14 8C (File No. 333-286859) filed by the Registrant on
April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Incorporated by reference to the Registration Statement on Form N-14 8C/A (File No. 333-286859) filed by the Registrant
on June 13, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on October 28,
2025. &nbsp;&nbsp;&nbsp;&nbsp;(4) Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Registrant on October 28,
2025. &nbsp;&nbsp;&nbsp;&nbsp;(5) Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by the Registrant on October 28,
2025. **ITEM 17. *Undertakings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain information called for by the applicable Exchange registration form for reoffering by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial *bona fide* offering of them.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania on the 21<sup>st</sup> day of November, 2025.

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| | |
|:---|:---|
| FS SPECIALTY LENDING FUND (formerly, New FS Specialty LENDING FUND) | FS SPECIALTY LENDING FUND (formerly, New FS Specialty LENDING FUND) |
| By: | /s/ Michael C. Forman |
| Name: | Michael C. Forman |
| Title: | Chief Executive Officer |

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As required by the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities set forth below on the 21<sup>st</sup> day of November, 2025.

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| | |
|:---|:---|
| **NAME** | **TITLE** |
| Principal Executive Officer: |  |
| /s/ Michael C. Forman | Trustee, Chairman of the Board and Chief Executive Officer |
| Michael C. Forman |  |
| Principal Financial Officer and Principal Accounting Officer: |  |
| /s/ Edward T. Gallivan, Jr. | Chief Financial Officer |
| Edward T. Gallivan, Jr. |  |
| \* | Trustee |
| Sidney R. Brown |  |
| \* | Trustee |
| Gregory P. Chandler |  |
| \* | Trustee |
| Richard I. Goldstein |  |
| \* | Trustee |
| Charles P. Pizzi |  |
| \* | Trustee |
| Pedro A. Ramos |  |

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| | |
|:---|:---|
| \* By: | /s/ Michael C. Forman |
|  | Michael C. Forman |
|  | As Attorney-In-Fact, Pursuant to a Power of Attorney incorporated herein by reference |
|  | November 21, 2025 |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |
| [(12)](tm2531850d1_ex99-x12.htm) | [Tax opinion of Skadden, Arps, Slate, Meagher & Flom LLP](tm2531850d1_ex99-x12.htm) |

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## Ex-99.(12)

**Exhibit 99.(12)**

Skadden, Arps, Slate, Meagher & Flom llp

320 SOUTH CANAL

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| | |
|:---|:---|
| CHICAGO, ILLINOIS 60606-1720 | FIRM/AFFILIATE<br> OFFICES |
| TEL: (312) 407-0700 | BOSTON |
| FAX: (312) 407-0411 | HOUSTON |
| www.skadden.com | LOS ANGELES |
|  | NEW YORK |
|  | PALO ALTO |
|  | WASHINGTON, D.C. |
|  | WILMINGTON |
|  | ABU DHABI |
|  | BEIJING |
|  | BRUSSELS |
|  | FRANKFURT |
| October 28, 2025 | HONG KONG |
|  | LONDON |
|  | MUNICH |
|  | PARIS |
|  | SÃO PAULO |
|  | SEOUL |
|  | SINGAPORE |
|  | TOKYO |
|  | TORONTO |

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FS Specialty Lending Fund, a Delaware statutory trust New FS Specialty Lending Fund, a Delaware statutory trust 201 Rousse Boulevard Philadelphia, Pennsylvania 19112

RE: <u>Certain U.S. Federal Income Tax Consequences</u>

Ladies and Gentlemen:

We have acted as special counsel to FS Specialty Lending Fund, a Delaware statutory trust (the "<u>Predecessor Fund</u>"), and New FS Specialty Lending Fund, a newly formed Delaware statutory trust and wholly owned subsidiary of the Adviser (as defined below) (the "<u>Successor Fund</u>"), in connection with (i) the Agreement and Plan of Reorganization, dated as of April 22, 2025 (the "<u>Agreement</u>") between the Successor Fund, the Predecessor Fund, and FS/EIG Advisor, LLC, a Delaware limited liability company and investment adviser to the Successor Fund and the Predecessor Fund (the "<u>Adviser</u>"), which, among other things, provides for the merger of the Predecessor Fund with and into the Successor Fund, with the Successor Fund surviving the merger (the "<u>Reorganization</u>") and (ii) the preparation of the Proxy Statement in connection with the Reorganization (the "<u>Proxy Statement</u>"). You have requested our opinion regarding whether the Reorganization will be treated for U.S. federal income tax purposes as a reorganization qualifying under Section 368(a)(1)(F) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Agreement.

FS Specialty Lending Fund, a Delaware statutory trust

New FS Specialty Lending Fund, a Delaware statutory trust<br> October 28, 2025<br> Page 2

In preparing the opinion set forth below, we have examined and reviewed originals or copies, certified or otherwise identified to our satisfaction, of the Agreement, the Proxy Statement, the representation letters of officers of the Predecessor Fund and the Successor Fund (each a "<u>Representation Party</u>," and together, the "<u>Representation Parties</u>") delivered to us for purposes of this opinion (the "<u>Representation Letter</u>"), and such other documents, certificates and records as we have deemed necessary or appropriate as a basis for our opinion. In our examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed, photostatic or electronic copies, and the authenticity of the originals of such latter documents. We have assumed that such documents, certificates and records are duly authorized, valid and enforceable.

In rendering our opinion, we have relied upon statements and representations of officers and other representatives of the Representation Parties, and we have assumed that such statements and representations, including those set forth in the Representation Letter, are and will continue to be true and correct without regard to any qualification as to knowledge, belief, intent, or otherwise. We have also assumed that (i) the Reorganization will be consummated in the manner described in the Agreement and the Proxy Statement and that none of the terms or conditions contained therein will be waived or modified and (ii) the Agreement, the Proxy Statement and the Representation Letter accurately reflect the facts relating to each of the Representation Parties and the Reorganization. Our opinion assumes and is expressly conditioned on, among other things, the initial and continuing accuracy of the facts, information, covenants, representations and warranties set forth in the documents referred to above, including those set forth in the Representation Letter.

Our opinion is based on the Code, Treasury regulations promulgated thereunder, judicial decisions, published positions of the Internal Revenue Service, and such other authorities as we have considered relevant, all as in effect on the date of this opinion and all of which are subject to change or different interpretations (possibly with retroactive effect). A change in the authorities upon which our opinion is based could affect the conclusions expressed herein. An opinion of counsel is not binding on the Internal Revenue Service or any court. There can be no assurance that our opinion will be accepted by the Internal Revenue Service or, if challenged, by a court.

Based upon and subject to the foregoing, we are of the opinion that, for U.S. federal income tax purposes, the Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code.

Except as set forth above, we express no other opinion. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.

FS Specialty Lending Fund, a Delaware statutory trust

New FS Specialty Lending Fund, a Delaware statutory trust<br> October 28, 2025<br> Page 3

This opinion has been prepared for you solely in connection with the Reorganization and may not be relied upon by any other person without our prior written consent. We consent to the filing of this opinion as an exhibit to the Proxy Statement and to the references to Skadden, Arps, Slate, Meagher & Flom LLP in the applicable discussions of this opinion in the Proxy Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission.

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| |
|:---|
| Very truly yours, |
| /s/ Skadden, Arps, Slate, Meagher & Flom LLP |

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