" WHITE PLAINS, NY, March 18, 2014 (GLOBE NEWSWIRE) -- Fifth Street Senior Floating Rate Corp. (FSFR) ("FSFR") released its March 2014 newsletter today.
Platform Producing Results
We are now fully deployed with a diverse group of investments in 32 portfolio companies and are operating within our target leverage range of 0.8x to 0.9x debt-to-equity. The breadth of our platform and depth of our relationships with private equity sponsors and middle market investment banks continue to produce an active investment pipeline. We are finding attractive investment opportunities because the middle market is partially insulated from the degradation of loan structures and terms that are more prevalent in the broadly-syndicated loan market. An active pipeline enables us to be selective and only fund senior secured floating rate loans with favorable risk/reward profiles. We are funding a portion of these investments by drawing on our low-cost, eight-year credit facility with Natixis, New York branch at a cost of 190 basis points plus the applicable commercial paper rate per annum.
We are also funding a portion of new investments by selling existing positions that have appreciated in value. An active deal pipeline enables us to continuously optimize the credits in the portfolio based on our view of relative value and credit-specific performance and characteristics."
Yahoo has become very strange because there should be another message following this one but if you click the thread you would not see it, but if you click my handle you can see it.
FSFR continues to climb today and I really believe before the end of this year, barring a big market correction, it will become a $15 stock especially if it further raises its dividend from its most announced one: 27 cents. I expect it to raise it to 29-32 cents.