Fifth Street Senior Floating Rate Corp. Announces Estimate of NII and NAV Per Share for the Quarter Ended December 31, 2015
January 20 2016 - 4:35PM
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR”)
announced today an estimated range of net investment income (“NII”)
per share of $0.24 to $0.26 for the quarter ended December 31,
2015. This is the second consecutive quarter that NII has
covered FSFR’s run rate quarterly dividend and compares with NII of
$0.25 per share for the quarter ended September 30, 2015.
FSFR expects its net asset value (“NAV”) per share as of December
31, 2015 to be within an estimated range of $11.30 to $11.40,
compared to its last reported NAV per share of $12.11 as of
September 30, 2015. FSFR estimates that over 50% of the
quarterly change in NAV is due to broader market changes, including
spread widening, with the remainder due to credit deterioration in
a small number of investments. The final NAV per share is
subject to the determination of FSFR’s Board of Directors.
FSFR expects to announce its results for the quarter ended December
31, 2015 after the close of the financial markets on Tuesday,
February 9, 2016.
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.
Forward-Looking Statements
This press release may contain, and certain oral statements made
by our representatives from time to time may contain,
forward-looking statements, including statements with regard to the
future performance of the company. Words such as “believes,”
“expects,” “estimates,” “projects,” “anticipates,” “intends,”
“plans,” 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. FSFR’s outside independent accountant
has not audited, reviewed, compiled or performed any procedures
with respect to the estimated financial data in this press
release. FSFR undertakes no obligation to publicly 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:
Michael Freitag / James Golden / Alyssa Cass
Joele Frank Wilkinson Brimmer Katcher
(212) 355-4449
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