Fifth Street Finance Corp. (NASDAQ:FSC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 4, 2017, the Board of Directors of Fifth Street Finance Corp. (the “Company”) appointed Bernard D. Berman as Chief Executive Officer, effective as of April 5, 2017. Mr. Berman was also appointed as Chief Executive Officer of Fifth Street Senior Floating Rate Corp. (“FSFR”), effective as of April 5, 2017.
Mr. Berman, 46, has been a member of the Company’s Board of Directors since February 2009 and the Chairman of the Company’s Board of Directors since September 2014. He was also the Company’s president from February 2010 to September 2014, secretary from October 2007 to September 2014, and chief compliance officer from April 2009 to May 2013. Mr. Berman has also served as a director of FSFR since May 2013 and as Chairman of its board of directors since January 2014. Mr. Berman also served as president of FSFR from May 2013 to January 2014. From September 2014 until his resignation in June 2015, Mr. Berman served on the board of directors of Fifth Street Asset Management Inc. (“FSAM”), the publicly traded asset manager that indirectly owns Fifth Street Management, LLC (“Fifth Street Management”), the Company’s investment adviser. Mr. Berman also serves as the co-president and chief compliance officer of FSAM. Mr. Berman also serves as the president of Fifth Street Management and serves on its executive committee. Prior to joining the group of affiliated companies including the Company’s investment adviser in 2004, Mr. Berman was a corporate attorney from 1995 to 2004, during which time he negotiated and structured a variety of investment transactions. Mr. Berman received a J.D. from Boston College Law School and a B.S. in Finance from Lehigh University.
There are no arrangements or understandings between Mr. Berman and any other persons to which he was selected as an officer. There are no current or proposed transactions between the Company and Mr. Berman or his immediate family members that would require disclosure under Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.
The Company issued a press release on April 5, 2017 to announce Mr. Berman’s appointment as Chief Executive Officer, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press release dated April 5, 2017
About Fifth Street Finance Corp. (NASDAQ:FSC)
Fifth Street Finance Corp. is a specialty finance company. The Company is a closed-end, non-diversified management investment company. The Company acts as a business development company (BDC). The Company’s investment objective is to maximize its portfolio’s total return by generating current income from its debt investments, and capital appreciation from its equity investments. The Company lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors. The Company seeks to invest in companies in connection with private equity sponsors. The Company invests in sectors, such as healthcare services; Internet software and services; multi-sector holdings; advertising; airlines, and construction and engineering. Fifth Street Management LLC is the Company’s investment advisor. Fifth Street Finance Corp. (NASDAQ:FSC) Recent Trading Information
Fifth Street Finance Corp. (NASDAQ:FSC) closed its last trading session down -0.10 at 4.38 with 571,566 shares trading hands.