WHITE PLAINS, NY, Feb. 13, 2014 (GLOBE NEWSWIRE) -- Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR") today announced that its Board of Directors declared a $0.27 dividend per share for the three month period ended June 30, 2014. The June quarterly dividend represents a 17% increase from the prior quarter's dividend of $0.23 per share. Since the IPO in July 2013, FSFR's Board of Directors has declared consecutive quarterly dividends of $0.01, $0.20, $0.23 and $0.27 per share.
The following table reflects the dividends declared by the Board of Directors thus far during calendar year 2014:
|Record Date||Payment Date||Amount|
|March 31, 2014||April 15, 2014||$0.23|
|June 30, 2014||July 15, 2014||$0.27|
"We are pleased to announce a $0.27 per share dividend to our stockholders, which represents our third consecutive quarterly dividend increase. While only partially through the March quarter, we have a strong investment pipeline and anticipate reaching our leverage target in the coming weeks. This gives us confidence that the earnings power of the portfolio should continue to grow and allow us to cover the dividend level declared by our Board of Directors," stated FSFR's Chief Financial Officer, Steven M. Noreika.
FSFR's dividend reinvestment plan ("DRIP") provides for reinvestment of dividends, unless a stockholder elects to receive cash. As a result, if FSFR's Board of Directors declares a cash dividend, FSFR's stockholders whose shares are registered in their name and who have not "opted out" of FSFR's DRIP will have their cash dividends automatically reinvested in additional shares of FSFR common stock, rather than receiving cash dividends. FSFR provides up to a 5% discount on newly-issued shares purchased through the DRIP (provided that shares will not be issued at less than net asset value per share). If you are a FSFR stockholder and your shares of FSFR common stock are held through a brokerage firm or other financial intermediary and you wish to participate in the DRIP, please contact your broker or other financial intermediary.
About Fifth Street Senior Floating Rate Corp.
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 small and mid-sized companies, primarily in connection with investments by private equity sponsors. The company'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 intends to elect to be regulated as a business development company and is externally managed by Fifth Street Management LLC. Named 2013 "Lender Firm of the Year" by The M&A Advisor, Fifth Street Management LLC is an SEC-registered investment adviser and leading alternative asset manager with over $3 billion in assets under management. With a track record of more than 15 years, Fifth Street's nationally recognized platform has the ability to hold loans up to $150 million, commit up to $250 million and structure and syndicate transactions up to $500 million. FSFR's website can be found at fsfr.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.
CONTACT: Investor Contact: Dean Choksi, Executive Director of Finance & Head of Investor Relations (914) 286-6855 firstname.lastname@example.org Media Contact: Nick Rust Prosek Partners (212) 279-3115 ext. 252 email@example.com
Source:Fifth Street Senior Floating Rate Corp.