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Fifth Street Announces New Investment Venture With Glick Family

November 06, 2014, 06:44 AM
Filed Under: Joint Venture

Fifth Street Senior Floating Rate Corp. 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. 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."

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.

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