Fifth Street Senior Floating Rate Corp. Closes $25 Million Senior Secured Revolving Credit Facility with East West Bank
January 12 2016 - 8:00AM
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR”),
today announced the closing of a $25 million senior secured
revolving credit facility with East West Bank. The facility
has a final maturity of January 2021 and will accrue interest at
LIBOR plus a variable spread according to the agreed upon schedule.
“We are pleased to announce the closing of our $25 million
revolving credit facility provided by East West Bank. With
the closing of this facility, FSFR should benefit from the
diversification of institutional lender relationships and
additional flexibility managing its balance sheet,” said Ivelin M.
Dimitrov, Chief Executive Officer of FSFR, adding, “We appreciate
East West Bank’s support and view their partnership as a testament
to the strength of FSFR’s platform.”
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 a subsidiary of Fifth Street Asset Management Inc.
(NASDAQ:FSAM), a nationally recognized credit-focused asset manager
with over $5 billion in assets under management across multiple
public and private vehicles. With a track record of over 17
years, Fifth Street's platform has the ability to hold loans up to
$250 million and structure and syndicate transactions up to $500
million. Fifth Street received the 2015 ACG New York
Champion's Award for "Lender Firm of the Year," and other
previously received accolades include the ACG New York Champion's
Award for "Senior Lender Firm of the Year," "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.
About East West Bank
East West Bancorp is a publicly owned company with total assets
of $31.1 billion and is traded on the Nasdaq Global Select Market
under the symbol “EWBC”. The Company’s wholly owned subsidiary,
East West Bank, is one of the largest independent banks
headquartered in California. East West is a premier bank focused
exclusively on the United States and Greater China markets and
operates over 130 locations worldwide, including in the United
States markets of California, Georgia, Nevada, New York,
Massachusetts, Texas and Washington. In Greater China, East West’s
presence includes full service branches in Hong Kong, Shanghai,
Shantou and Shenzhen, and representative offices in Beijing,
Chongqing, Guangzhou, Taipei and Xiamen. For more information on
East West, visit the Company’s website at www.eastwestbank.com.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements, because they relate to future events or
our future performance or financial condition. Forward-looking
statements may include statements as to the future operating
results, dividends and business prospects of Fifth Street Senior
Floating Rate Corp. (“FSFR” or the “Company”). Words such as
“believes,” “expects,” “seeks,” “plans,” “should,” “estimates,”
“project”, and “intend” indicate forward-looking statements,
although not all forward-looking statements include these words.
These forward-looking statements involve risks and uncertainties.
Actual results could differ materially from those implied or
expressed in these forward-looking statements for any reason.
Such factors are identified from time to time in FSFR’s filings
with the Securities and Exchange Commission and include changes in
the economy and the financial markets and future changes in laws or
regulations and conditions in the Company’s operating areas.
FSFR undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
CONTACT:
Investor Contact:
Robyn Friedman, Senior Vice President, Head of Investor Relations
(203) 681-3720
ir@fifthstreetfinance.com
Media Contact:
Tom Becker
Sitrick And Company
(212) 573-6100
Tom_Becker@sitrick.com
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