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Why Fifth Street Senior Floating Rate (FSFR) Stock Hit a 52-week Low Today

Stocks in this article: FSFR

NEW YORK (TheStreet) -- Fifth Street Senior Floating Rate (FSFR) was falling -8.1% to $12.23, hitting a 52-week low of $12.20, Thursday after pricing a 22.8 million share public offering and canceling its conference call to discuss its second quarter results.

The company announced that it priced the 22.8 million shares of common stock in the public offering at $12.91 a share. The company expects gross proceeds of about $294.35 million from the offering. Fifth Street Senior Floating Rate will use the proceeds from the offering to repay debit under its credit facility and make investments in small and md-sized companies.

Fifth Street Senior Floating Rate also announced that it canceled its earnings call which was scheduled for 11 a.m. EDT. The company plans to reschedule the call for a later date.

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FSFR ChartFSFR data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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