Proposal to Terminate Investment Advisory Agreement Defeated
Director Election Too Close to Call
Results to Be Released After Tabulation and Certification
GREENWICH, CT, April 07, 2016 (GLOBE NEWSWIRE) -- Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR” or the “Company”) announced today that, based on the preliminary voting results provided by its proxy solicitor, the Company believes that the proposal to terminate the investment advisory agreement with Fifth Street Management LLC was not approved, and the outcome of the election of directors at today’s Annual Meeting of Stockholders is too close to call at this time.
Commenting on today’s Annual Meeting, FSFR issued the following statement:
The FSFR Board and management team sincerely thank our stockholders for their support and patience throughout this process. We value the input we have received from our stockholders, and look forward to continuing to execute our strategy to enhance value for all FSFR stockholders moving forward.
The Company is awaiting the preliminary report of the independent inspector of elections, IVS Associates, Inc., before releasing any further statements about the vote. The inspector has indicated that it expects to issue a preliminary tabulation of the vote results within the next several business days, following which the Company will file a Current Report on Form 8-K with the Securities and Exchange Commission reporting the voting results.
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 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. (NASDAQ:FSAM), a nationally recognized credit-focused asset manager with over $5 billion in assets under management across multiple public and private vehicles. With a track record of over 17 years, Fifth Street's platform has the ability to hold loans up to $250 million and structure and syndicate transactions up to $500 million. Fifth Street received the 2015 ACG New York Champion's Award for "Lender Firm of the Year," and other previously received accolades include the ACG New York Champion's Award for "Senior Lender Firm of the Year," "Lender Firm of the Year" by The M&A Advisor and "Lender of the Year" by Mergers & Acquisitions. FSFR's website can be found at fsfr.fifthstreetfinance.com.
Certain of the statements in this press release, and certain oral statements made by our representatives from time to time, may constitute forward-looking statements, because they relate to future events or our future performance or financial condition. Forward-looking statements may include statements as to the results of the proposals voted on at the Company’s 2016 Annual Meeting of Stockholders, future operating results, dividends and business prospects of FSFR. Words such as “anticipates,” “believes,” “expects,” “seeks,” “plans,” “should,” “estimates,” “projects,” and “intends” indicate forward-looking statements, although not all forward-looking statements include these words. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those implied or expressed in these forward-looking statements for any reason. Such factors are identified from time to time in FSFR’s filings with the Securities and Exchange Commission and include changes in the economy and the financial markets and future changes in laws or regulations and conditions in the Company’s operating areas. FSFR undertakes no obligation to 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, Senior Vice President, Head of Investor Relations (203) 681-3720 firstname.lastname@example.org Media Contact: James Golden / Andrew Squire Joele Frank Wilkinson Brimmer Katcher (212) 355-4449
Source:Fifth Street Senior Floating Rate Corp.