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Fifth Street SFR Closes $25MM Credit Facility With East West Bank

January 13, 2016, 07:23 AM
Filed Under: Lender Finance

Fifth Street Senior Floating Rate Corp. announced the closing of a $25 million senior secured revolving credit facility with East West Bank.  The facility has a final maturity of January 2021 and will accrue interest at LIBOR plus a variable spread according to the agreed upon schedule.

"We are pleased to announce the closing of our $25 million revolving credit facility provided by East West Bank.  With the closing of this facility, FSFR should benefit from the diversification of institutional lender relationships and additional flexibility managing its balance sheet," said Ivelin M. Dimitrov, Chief Executive Officer of FSFR, adding, "We appreciate East West Bank's support and view their partnership as a testament to the strength of FSFR's 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.  FSFR's investment objective is to maximize its portfolio's total return by generating current income from its debt investments while seeking to preserve its capital.  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., a nationally recognized credit-focused asset manager with over $5 billion in assets under management across multiple public and private vehicles. 

East West Bancorp is a publicly owned company with total assets of $31.1 billion and is traded on the Nasdaq Global Select Market under the symbol "EWBC". The Company's wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 130 locations worldwide, including in the United States markets of California, Georgia, Nevada, New York, Massachusetts, Texas and Washington.

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