Oaktree Capital assumes the management of Fifth Street Finance and Fifth Street Senior Floating Rate BDCs

Fifth Street Asset Management (FSAM) announced that it has signed a definitive asset purchase agreement with Oaktree Capital (Oaktree), an affiliate of Oaktree Capital Group, under which Oaktree will become the new investment adviser to two Business Development Companies (BDCs): Fifth Street Finance (FSC) and Fifth Street Senior Floating Rate Corp. FSFR. Oaktree will pay gross cash consideration of $320 million in cash to Fifth Street Management (FSM), an affiliate of FSAM, upon the close of the transaction. The shares of common stock of FSC and FSFR owned by Fifth Street Holdings (FSH) are not included in the transaction. The