Fifth Street Senior Floating
Rating Corp. FSFR ("FSFR") today announced that it has formed FSFR
Glick JV LLC ("FSFR Glick JV"), a joint venture with entities controlled by
members of the Glick Family ("GF Funding"). The joint venture is expected to
primarily invest in senior secured floating rate middle market corporate debt
securities, consistent with FSFR's core origination and underwriting strategy.
This partnership is structured similarly to Senior Loan Fund JV I, LLC, a
recently formed joint venture between Fifth Street Finance Corp. FSC
("FSC") and a subsidiary of Kemper Corporation. FSFR and GF Funding have
committed to provide $100 million of subordinated notes and equity to the
joint venture, with FSFR providing $87.5 million and GF Funding providing
$12.5 million. In addition, FSFR Glick JV intends to seek third party
financing to support the joint venture.
"We are enthusiastic about our strategic partnership with GF Funding to
establish a joint venture to co-invest primarily in senior secured loans,"
stated FSFR's Chief Executive Officer, Ivelin Dimitrov, adding, "The strategic
partnership, which we previously announced our intent to form in March 2014,
further deepens our longstanding relationship with the Glick Family and should
allow FSFR to enhance the returns on its invested equity, expand its
investment opportunity set and improve its long-term growth potential."
"We look forward to our continued partnership with Fifth Street, whom we have
partnered with multiple times throughout our decade-long relationship," stated
Sam Levinson, Managing Partner of the Glick Family office, adding, "We are
excited to allocate capital alongside FSFR in an attractively structured,
high-yielding investment, while maintaining the opportunity to approve the
underlying loans and leverage Fifth Street's best-in-class middle market
origination platform."
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