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Fifth Street Asset Management Closes $416.6MM CLO

October 02, 2015, 07:31 AM
Filed Under: Industry News

Fifth Street CLO Management announced the closing of Fifth Street SLF II, Ltd. ("FS SLF II"), a $416.6 million collateralized loan obligation ("CLO"). FS SLF II represents FSAM's second actively managed CLO and its closing represents the third debt securitization transaction across the broader platform in 2015.

FS SLF II is primarily invested in middle market senior secured loans sourced and originated through the Fifth Street platform. The vehicle has a four-year reinvestment period. FS SLF II sold securities rated from Aaa/AAA through Ba3 along with unrated subordinated notes and Fifth Street CLO Management retained five percent of every class. Natixis Securities America LLC served as the Placement Agent.

"We are pleased to announce the closing of FSAM's second CLO under management, which we were able to price and close, despite broader market volatility," commented Ivelin M. Dimitrov, Chief Investment Officer of FSAM, adding, "We believe that the expansion of our CLO platform and demand from institutional investors validates both the strength of our direct origination platform as well as the opportunities available in the middle market. We were glad to once again partner with Natixis, a long-time supporter of the Fifth Street platform, to structure and market this CLO offering."

"The closing of this CLO is an important next step in continuing to grow this business line and diversify Fifth Street's middle market credit platform," stated Leonard M. Tannenbaum, Chief Executive Officer of FSAM, adding, "Fifth Street has now completed three debt securitization transactions across the platform since our inaugural issue in January 2015, which account for approximately 20% of all middle market CLO capital raised this year."

Fifth Street Asset Management Inc. is a nationally recognized credit-focused asset manager. The firm has over $5 billion of assets under management across two publicly-traded business development companies, Fifth Street Finance Corp. (NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp., as well as multiple private investment vehicles.

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