Fifth Street Finance Corp. Announces Additional Share Repurchases During the September Quarter
GREENWICH, CT, Aug. 20, 2015 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NASDAQ: FSC) ("FSC") today announced that it intends to substantially increase the amount of its share repurchases in the current quarter. We have begun, and expect to complete in the month of August 2015, the initial $4.9 million repurchase, which was detailed on our third quarter earnings conference call. In addition, if current market conditions persist, we plan to purchase a considerably larger amount of shares in September 2015, prior to the commencement of our next quarterly blackout period on October 1, 2015. Share repurchases will be completed under the $100 million share repurchase program authorized by our Board of Directors, which expires on November 20, 2015.
"Given current market conditions and the benefits from executing on our previously announced share repurchase program, FSC is pleased to announce that it will be substantially expanding its share repurchase activity during the September quarter. We look forward to providing additional information, including the projected size of the repurchase, in the coming weeks," stated Todd G. Owens, Chief Executive Officer.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a leading specialty finance company that provides custom-tailored financing solutions to small and mid-sized companies, primarily in connection with investments by private equity sponsors. The company originates and invests in one-stop financings, first lien, second lien, mezzanine debt and equity co-investments. FSC's investment objective is to maximize its portfolio's total return by generating current income from its debt investments and capital appreciation from its equity investments. 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. FSC's website can be found at fsc.fifthstreetfinance.com.
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.