Fifth Street Finance Corp. Announces Promotion of Richard A. Petrocelli to CFO

Fifth Street Finance Corp. Announces Promotion of Richard A. Petrocelli to CFO

GREENWICH, CT, July 23, 2014 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp.
(NASDAQ:FSC) ("FSC") today announced that its Board of Directors promoted a
member of FSC's management team, Richard A. Petrocelli, to Chief Financial
Officer. Alexander C. Frank is stepping down as CFO but remains Chief
Operating Officer of Fifth Street Management LLC, FSC's investment adviser. In
his role as COO of Fifth Street Management LLC, Mr. Frank oversees the
platform's finance and operations infrastructure including FSC, Fifth Street
Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR") and various Fifth Street
private funds. Mr. Petrocelli will continue to report to Mr. Frank.

Prior to his promotion, Mr. Petrocelli served as Chief Accounting Officer of
FSC.Previously, Mr. Petrocelli spent 15 years at Saratoga Partners, a middle
market private equity firm, where he was Managing Director and
CFO.Additionally, Rich served as CFO and Chief Compliance Officer of Saratoga
Partner's publicly-traded business development company, Saratoga Investment
Corp. and has over 20 years of finance and accounting experience across a wide
variety of roles in the asset management industry. Mr. Petrocelli has also
been promoted to CFO of FSFR.

"As we broaden our platform, we are proud to elevate certain individuals in
recognition of their expanded responsibilities," stated FSC's Chief Executive
Officer, Leonard M. Tannenbaum, adding, "Rich has been a key member of the
finance and accounting team and is well-suited to take over the CFO position
from Alex, who continues to be a senior leader of the platform as COO of Fifth
Street Management LLC."

About Fifth Street Finance Corp.

Fifth Street Finance Corp. is a leading specialty finance company that
provides custom-tailored financing solutions to 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 Fifth Street Management LLC, an SEC-registered
investment adviser and leading alternative asset manager with $5 billion in
assets under management. With a track record of more than 16 years, Fifth
Street's nationally recognized platform has the ability to hold loans up to
$150 million, commit up to $250 million and structure and syndicate
transactions up to $500 million. Fifth Street Management 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

Forward-Looking Statements

This press release may contain certain forward-looking statements, including
statements with regard to the future performance of the company.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 the
company's filings with the Securities and Exchange Commission.The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or

CONTACT: Investor Contact:
         Dean Choksi, Executive Director of Finance
         & Head of Investor Relations
         (203) 681-3722

         Media Contact:
         Nick Rust
         Prosek Partners
         (212) 279-3115 ext. 252

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