Fifth Street Senior Floating Rate Corp. (Nasdaq: FSFR) brought in more than $100 million from its initial public offering on July 17.
FSFR is a newly formed business development company headquartered in White Plains, N.Y.
The company is the second publicly traded vehicle formed by Fifth Street Management, which formed Fifth Street Finance Corp. (Nasdaq: FSC). Fifth Street Finance, also a business development company, went public in 2008.
FSFR will invest in senior secured loans, including first lien, unitranche and second lien debt that pay interest based on a floating base lending rate. The company will target investments in middle market companies with between $20 million and $100 million in Ebitda.
Morgan Stanley, Deutsche Bank Securities, UBS Investment Bank and Barclays acted as lead book-running managers for the offering. RBC Capital Markets and Oppenheimer & Co. were join book-running managers, and Maxim Group LLC, JMP Securities, Ladenburg Thalmann & Co. Inc., Wunderlich Securities and national Securities Corp. acted as co-managers for the offering.
For more on Fifth Street, see “SBIC Lenders Grow in Small Bank Space” and “Fifth Street Enters ABL Market Through $100M Acquisition.”