Fifth Street Senior Floating Rate Corp. Announces Its Fourth Consecutive Dividend Increase, Reflecting 11% Quarterly Growth
May 15 2014 - 6:45AM
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR")
today announced that its Board of Directors declared a $0.30
dividend per share for the quarter ending September 30, 2014,
representing an annualized run rate of $1.20 per share. This
represents our fourth consecutive quarterly dividend increase and
an 11% increase from the prior quarter. Since FSFR's IPO in
July 2013, the Board of Directors has declared quarterly dividends
of $0.01, $0.20, $0.23, $0.27 and $0.30 per share.
The following table reflects the per share dividend which the
Board of Directors declared on May 12, 2014:
|
|
|
Record Date |
Payment Date |
Amount |
September 15, 2014 |
October 15, 2014 |
$0.30 |
"We are pleased to announce our fourth consecutive dividend
increase to $0.30 per share. We have built a high quality
portfolio of senior secured floating rate loans since our IPO last
July, leading to consistent growth in net investment income per
share. The breadth of Fifth Street's platform continues to
provide attractive investment opportunities, which gave our Board
of Directors added confidence in making its most recent dividend
declaration," stated FSFR's President and Chief Investment Officer,
Ivelin M. Dimitrov.
About Fifth Street Senior Floating Rate Corp.'s Dividend
Reinvestment Plan
FSFR's dividend reinvestment plan ("DRIP") provides for
reinvestment of dividends, unless stockholders elect to receive
cash. As a result, if FSFR's Board of Directors declares a
cash dividend, FSFR's stockholders whose shares are registered in
their name and who have not "opted out" of FSFR's DRIP will have
their cash dividends automatically reinvested in additional shares
of FSFR common stock, rather than receiving cash dividends.
FSFR provides up to a 5% discount on newly-issued shares
purchased through the DRIP (provided that shares are not issued at
less than net asset value per share). If you are a FSFR
stockholder and your shares of FSFR common stock are held through a
brokerage firm or other financial intermediary and you wish to
participate in the DRIP, please contact your broker or other
financial intermediary.
About Fifth Street Senior Floating Rate Corp.
Fifth Street Senior Floating Rate Corp. is a specialty finance
company that provides financing solutions in the form of floating
rate senior secured loans to small and mid-sized companies,
primarily in connection with investments by private equity
sponsors. The company's investment objective is to maximize
its portfolio's total return by generating current income from its
debt investments while seeking to preserve its capital. The
company has elected to be regulated as a business development
company and is externally managed by Fifth Street Management LLC.
Named 2013 "Lender Firm of the Year" by The M&A Advisor and
"Lender of the Year" by Mergers & Acquisitions, Fifth Street
Management LLC is an SEC-registered investment adviser and leading
alternative asset manager with over $4 billion in assets under
management. With a track record of more than 15 years and
offices across the country, Fifth Street's nationally recognized
platform has the ability to hold loans up to $150 million, commit
up to $250 million and structure and syndicate transactions up to
$500 million. FSFR's website can be found at
fsfr.fifthstreetfinance.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the company. Words such as "believes,"
"expects," "estimates," "projects," "anticipates," and "future" or
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to
the inherent uncertainties in predicting future results and
conditions. Certain factors could cause actual results to
differ materially from those projected in these forward-looking
statements, and these factors are identified from time to time in
the company's filings with the Securities and Exchange
Commission. The company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT: Investor Contact:
Dean Choksi, Executive Director of Finance &
Head of Investor Relations
(914) 286-6855
dchoksi@fifthstreetfinance.com
Media Contact:
Nick Rust
Prosek Partners
(212) 279-3115 ext. 252
pro-fifthstreet@prosek.com
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