Fifth Street Asset Management Inc. (NASDAQ:FSAM) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition or Disposition of Assets.
On July 1, 2017, Fifth Street Holdings L.P. (“Fifth Street Holdings”), a direct partially-owned subsidiary of Fifth Street Asset Management Inc. (the “Company”), entered into a purchase agreement (the “Purchase Agreement”) with New Star Financial, Inc. (“NewStar Financial”). At the closing of the transactions contemplated thereby on July 20, 2017, NewStar Financial acquired 50% of the limited liability company interests of Fifth Street CLO Management LLC (“CLO Management”), a wholly-owned subsidiary of Fifth Street Holdings and the collateral manager for Fifth Street Senior Loan Fund I, LLC and Fifth Street SLF II, Ltd. (formerly Fifth Street Senior Loan Fund II, LLC, prior to securitization), each a collateralized loan obligation in the Company’s senior loan fund strategy, for an aggregate purchase price of $29.0 million less borrowings outstanding at CLO Management, subject to post-closing adjustments for working capital and transactions expenses, which resulted in an aggregate net purchase price of $15.3 million.
Item 9.01. Financial Statements and Exhibits
(b) Pro Forma Financial Information
Unaudited pro forma consolidated financial information related to the sale of CLO Management are included as Exhibit 99.1 to this Current Report on Form 8-K
(d) Exhibits
| 99.1 | Unaudited pro forma consolidated financial information related to the sale of CLO Management. |
Fifth Street Asset Management Inc. ExhibitEX-99.1 2 v471393_ex99-1.htm UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION Exhibit 99.1 Unaudited Pro Forma Consolidated Financial Information The following unaudited consolidated pro forma statements of operations for the three months ended March 31,…To view the full exhibit click here
About Fifth Street Asset Management Inc. (NASDAQ:FSAM)
Fifth Street Asset Management Inc. is an alternative asset manager. The Company provides asset management services to its investment funds (the Fifth Street Funds or the funds), which consist of Fifth Street Finance Corp. (FSC) and Fifth Street Senior Floating Rate Corp. (FSFR), both publicly-traded business development companies (together, the BDCs). Its segment provides asset management services to the Fifth Street Funds. The Company conducts all of its operations through its subsidiaries, Fifth Street Management LLC (FSM), Fifth Street CLO Management LLC (CLO Management) and FSCO GP LLC (FSCO GP). The funds, managed by the Company, provide financing solutions to small and mid-sized companies across their capital structures, mainly in connection with investments by private equity sponsors. It provides credit solutions across the capital structure, including one-stop financing, unitranche debt, senior secured debt, mezzanine debt, equity co-investments and venture debt financing. Fifth Street Asset Management Inc. (NASDAQ:FSAM) Recent Trading Information
Fifth Street Asset Management Inc. (NASDAQ:FSAM) closed its last trading session down -0.05 at 4.15 with 22,993 shares trading hands.
