GREENWICH, CT, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NASDAQ:FSC) ("FSC") and Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR") today announced that they have co-invested, along with other Fifth Street investment vehicles, in a senior secured financing facility to support the refinancing of Idera, Inc. ("Idera") by TA Associates. Idera is a leading provider of infrastructure software focused on server and database management including performance monitoring, data protections, compliance and security. Fifth Street Management LLC, FSC's and FSFR's investment adviser, served as Administrative Agent for the transaction.
The Idera financing represents the Fifth Street platform's fifth transaction with TA Associates, one of the largest and most experienced global growth private equity firms. TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries.
"Fifth Street has once again proven to be a reliable and diligent lending partner to our firm," stated Hythem T. El-Nazer, a Director at TA Associates, adding, "The team was able to quickly commit to the structure we envisioned today, while intuitively grasping Idera's organic growth and acquisitions strategy for the future."
"We look forward to continuing to support TA Associates and Idera as they execute their growth strategy and identify opportunities to strengthen the company's position as an ongoing leader in the infrastructure software market," noted Ivelin M. Dimitrov, Chief Investment Officer of FSC and Chief Executive Officer of FSFR.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a leading specialty finance company that provides custom-tailored financing solutions to small and mid-sized companies, primarily in connection with investments by private equity sponsors. The company originates and invests in one-stop financings, first lien, second lien, mezzanine debt and equity co-investments. FSC'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 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 rapidly growing credit-focused asset manager with nearly $6 billion in assets under management across multiple public and private vehicles. With a track record of more than 16 years, Fifth Street's nationally recognized platform has the ability to hold loans up to $250 million and structure and syndicate transactions up to $500 million. Fifth Street received the 2014 ACG New York Champion's Award for "Senior Lender Firm of the Year" and was named both 2013 "Lender Firm of the Year" by The M&A Advisor and "Lender of the Year" by Mergers & Acquisitions. FSC's website can be found at fsc.fifthstreetfinance.com.
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 rapidly growing credit-focused asset manager with nearly $6 billion in assets under management across multiple public and private vehicles. With a track record of more than 16 years, Fifth Street's nationally recognized platform has the ability to hold loans up to $250 million and structure and syndicate transactions up to $500 million. Fifth Street received the 2014 ACG New York Champion's Award for "Senior Lender Firm of the Year" and was named both 2013 "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.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at ta.com.
About Idera
Idera, Inc. is a provider of performance monitoring software for physical, virtual and cloud-based application ecosystems. The company provides a wide variety of application performance management products, including the Idera line of SQL Server management tools, the Precise line of end-to-end application performance management products and the CopperEgg line of SaaS-based cloud server and application monitoring solution.
Forward-Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance(s) of FSC and/or FSFR. Words such as "believes," "expects," "estimates," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and these factors are identified from time to time in FSC's and/or FSFR's filings with the Securities and Exchange Commission. Neither FSC nor FSFR undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.