Fifth Street Senior Floating Rate gets $175 million five-year revolver

By Susanna Moon

Chicago, Jan. 21 – Fifth Street Senior Floating Rate Corp., an affiliate of Fifth Street Asset Management Inc., obtained a $175 million senior secured revolving credit facility with Citibank, NA.

The facility has a three-year reinvestment period and a final maturity of January 2020, according to a company press release.

Interest ranges from Libor plus 200 basis points to 225 bps.

The facility provides “additional capacity to execute on its strategy of providing flexible floating-rate, senior secured loans to private equity sponsor-backed companies,” the release said.

Also, the company “should benefit from the diversification of institutional lender relationships, a favorable blended cost of borrowings and ample capital to reach its targeted leverage range of 0.80x to 0.90x debt-to-equity,” the release added.

Fifth Street Senior Floating Rate Corp. is a specialty finance company. Fifth Street Asset Management is an alternative asset manager based in Greenwich, Conn.

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