GREENWICH, CT, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Fifth Street Asset Management Inc. ("FSAM"), a rapidly growing credit-focused asset manager, announced today that based on market conditions and continued volatility for new issuers in the equity markets, it has chosen not to proceed with its planned initial public offering ("IPO"). FSAM intends to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
"While we received demand from potential investors, market conditions are not optimal for an IPO at this time," said Leonard M. Tannenbaum, FSAM's Chief Executive Officer, adding, "We remain excited about the future and look forward to executing on our current initiatives to continue growing the Fifth Street platform."
About Fifth Street Asset Management Inc.
Fifth Street Asset Management Inc. is a rapidly growing credit-focused asset manager. The firm has nearly $6 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. (NASDAQ:FSFR), as well as multiple private investment vehicles. The Fifth Street platform provides innovative and customized financing solutions to small and mid-sized businesses across the capital structure through complementary investment vehicles and co-investment capabilities. With a 16-year track record focused on disciplined credit investing across multiple economic cycles, the company is led by a seasoned management team that has issued billions of dollars in public equity, private capital and public debt securities. Fifth Street's national origination strategy, proven track record and established platform are supported by approximately 90 professionals across locations in Greenwich, Chicago, Palo Alto and Dallas.
This release contains forward-looking statements that reflect FSAM's current views with respect to, among other things, future events, growth and performance. Words such as "believes," "expects," "intends," "will," "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. New risks and uncertainties arise over time, and it is not possible for FSAM to predict those events or how they may affect it. Therefore, you should not place undue reliance on these forward-looking statements. FSAM does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
CONTACT: Investor Contact: Robyn Friedman, Vice President, Investor Relations (203) 681-3720 email@example.com Media Contact: Nick Rust Prosek Partners (212) 279-3115 ext. 252 firstname.lastname@example.orgSource: Fifth Street Asset Management