Fifth Street Senior Floating Rate Corp. Announces Management Changes, Including the Promotion of Richard A. Petrocelli to CFO...
July 23 2014 - 2:15PM
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR")
today announced that its Board of Directors made several management
changes, including the promotion of Richard A. Petrocelli to Chief
Financial Officer.
Prior to his promotion, Mr. Petrocelli served as Chief
Accounting Officer of Fifth Street Finance Corp. (NASDAQ:FSC)
("FSC"). Previously, he spent 15 years at Saratoga Partners, a
middle market private equity firm, where he was Managing Director
and CFO. Additionally, he served as CFO and Chief Compliance
Officer of Saratoga Partner's publicly-traded business development
company, Saratoga Investment Corp. and has over 20 years of finance
and accounting experience across a wide variety of roles in the
asset management industry. Mr. Petrocelli has also been promoted to
CFO of FSC.
Steven M. Noreika, who was serving as CFO of FSFR prior to Mr.
Petrocelli's appointment, will take over responsibility for
managing the finances of Fifth Street's growing private funds
business along with his continuing role with FSFR's investment
adviser, Fifth Street Management LLC.
In addition, Alexander C. Frank has stepped down as Chief
Operating Officer of FSFR. Mr. Frank remains in his role as
COO of Fifth Street Management LLC, where he oversees the
platform's finance and operations infrastructure including FSFR,
FSC and various Fifth Street private funds. Mr. Petrocelli
will continue to report to Mr. Frank.
"As the Fifth Street platform expands, the depth of our team
allows us to better align management with our expanded
operations. I am pleased to announce Rich Petrocelli's
promotion and I look forward to working with him in his new role as
CFO of Fifth Street Senior Floating Rate Corp.," commented Ivelin
M. Dimitrov, FSFR's President and Chief Investment Officer.
"Steve Noreika remains an invaluable member of Fifth Street's
finance and accounting team and I am excited about his new expanded
role within the organization," stated Leonard M. Tannenbaum, FSFR's
Chief Executive Officer.
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 mid-sized companies, primarily in
connection with investments by private equity sponsors.
FSFR'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, an SEC-registered
investment adviser and leading alternative asset manager with $5
billion in assets under management. With a track record of
more than 16 years, 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. Fifth Street Management received the 2014 ACG New
York Champion's Award for "Senior Lender Firm of the Year" and was
named both 2013 "Lender Firm of the Year" by The M&A Advisor
and "Lender of the Year" by Mergers & Acquisitions. 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
(203) 681-3722
dchoksi@fifthstreetfinance.com
Media Contact:
Nick Rust
Prosek Partners
(212) 279-3115 ext. 252
pro-fifthstreet@prosek.com
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