Fifth Street Asset Management Inc. Announces Closing of $416.6 Million CLO
October 01 2015 - 8:00AM
Fifth Street CLO Management LLC, a wholly-owned subsidiary
controlled by Fifth Street Asset Management Inc. (NASDAQ:FSAM)
("FSAM"), today announced the closing of Fifth Street SLF II, Ltd.
("FS SLF II"), a $416.6 million collateralized loan obligation
("CLO"). FS SLF II represents FSAM's second actively managed CLO
and its closing represents the third debt securitization
transaction across the broader platform in 2015.
FS SLF II is primarily invested in middle market senior secured
loans sourced and originated through the Fifth Street platform. The
vehicle has a four-year reinvestment period. FS SLF II sold
securities rated from Aaa/AAA through Ba3 along with unrated
subordinated notes and Fifth Street CLO Management retained five
percent of every class. Natixis Securities America LLC served as
the Placement Agent.
"We are pleased to announce the closing of FSAM's second CLO
under management, which we were able to price and close, despite
broader market volatility," commented Ivelin M. Dimitrov, Chief
Investment Officer of FSAM, adding, "We believe that the expansion
of our CLO platform and demand from institutional investors
validates both the strength of our direct origination platform as
well as the opportunities available in the middle market. We were
glad to once again partner with Natixis, a long-time supporter of
the Fifth Street platform, to structure and market this CLO
offering."
"The closing of this CLO is an important next step in continuing
to grow this business line and diversify Fifth Street's middle
market credit platform," stated Leonard M. Tannenbaum, Chief
Executive Officer of FSAM, adding, "Fifth Street has now completed
three debt securitization transactions across the platform since
our inaugural issue in January 2015, which account for
approximately 20% of all middle market CLO capital raised this
year."
About Fifth Street Asset Management Inc.
Fifth Street Asset Management Inc. (NASDAQ:FSAM) is a nationally
recognized credit-focused asset manager. The firm has over $5
billion of assets under management across two publicly-traded
business development companies, Fifth Street Finance Corp.
(NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp.
(NASDAQ:FSFR), as well as multiple private investment vehicles. The
Fifth Street platform provides innovative and customized financing
solutions to small and mid-sized businesses across the capital
structure through complementary investment vehicles and
co-investment capabilities. With over a 17-year track record
focused on disciplined credit investing across multiple economic
cycles, Fifth Street is led by a seasoned management team that has
issued billions of dollars in public equity, private capital and
public debt securities. Fifth Street's national origination
strategy, proven track record and established platform are
supported by approximately 100 professionals across locations in
Greenwich, Chicago and San Francisco. For more information, please
visit fsam.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:
Robyn Friedman,
Senior Vice President, Head of Investor Relations
(203) 681-3720
ir-fsam@fifthstreetfinance.com
Media Contact:
Nick Rust
Prosek Partners
(212) 279-3115 ext. 252
pro-fifthstreet@prosek.com
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