Fifth Street Finance Corp. Completes $5.0 Million Share Repurchase and Continues to Execute on Additional Repurchases
GREENWICH, CT, Sept. 9, 2015 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NASDAQ: FSC) ("FSC") today announced that it completed its initial $5.0 million share repurchase in the month of August and has continued to purchase shares in the open market at substantially greater levels. If current market conditions persist, we plan to continue purchasing shares until our next quarterly blackout period which begins on October 1, 2015.
"Since the completion of our initial share repurchase at the end of August, as previously announced, we have continued to repurchase shares. In addition to the initial $5.0 million share repurchase, if current market conditions persist, during the month of September we intend to repurchase approximately $15.0 million, which would bring the total amount of share repurchases to approximately $20.0 million for the quarter," 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.