Fifth Street Senior Floating Rate Corp. and GF Funding 2014 Announce Intent to Form a Strategic Partnership

WHITE PLAINS, NY, March 19, 2014 (GLOBE NEWSWIRE) -- Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR") today announced that it and GF Funding 2014, an entity controlled by the Glick family, have signed a Letter of Intent to form a strategic partnership to co-invest primarily in senior secured loans of middle market companies. The Glick family office manages a wide array of asset classes. Among its better known investments is a greater than 25% stake in Songbird Estates (LSE:SBD), the holding company for Canary Wharf Group Plc, a major business office district in London, England. The Glick family was an initial investor in FSFR's IPO in July 2013 and currently owns almost 2% of the outstanding shares.

The new venture is expected to be structured as a limited liability company owned by FSFR and GF Funding 2014 with each party appointing two members to the company's board. It is expected to be jointly capitalized with a structure similar to that of other senior loan funds in the Business Development Company sector.

"The Fifth Street platform has an over 10-year relationship with the Glick family. We are pleased to have them as an investor in FSFR, and now as a partner in this new venture, which should allow for accelerated growth and significant earnings accretion for FSFR," stated its Chief Executive Officer, Leonard M. Tannenbaum.

Sam Levinson, Managing Partner of the Glick family office, added "We have invested with Len and the Fifth Street platform several times over our long-standing relationship. Through our new venture with FSFR, we expect to gain further access to their leading middle market loan origination and credit risk management platform to increase our exposure in this attractive asset class."

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 has elected 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 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 and offices across the country, 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.

Forward-Looking Statements

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. FSFR 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 dchoksi@fifthstreetfinance.com Media Contact: Nick Rust Prosek Partners (212) 279-3115 ext. 252 pro-fifthstreet@prosek.com

Source:Fifth Street Senior Floating Rate Corp.