July 14, 2017 / 11:07 AM / a month ago

BRIEF-Oaktree to assume management of Fifth Street Finance and Fifth Street Senior Floating Rate

July 14 (Reuters) - Oaktree Capital Group LLC

* Oaktree to assume management of fifth street finance corp. And fifth street senior floating rate corp. Business development companies

* Oaktree capital group llc - oaktree will pay $320 million in cash to fifth street management llc upon close of transaction

* Oaktree capital group llc - ocg expects transaction to be immediately accretive to its adjusted net income

* Oaktree capital group llc - new advisory agreements, have been unanimously approved by independent directors of boards of directors of fsc and fsfr

* Oaktree capital group - following deal closing current fsc board members except richard dutkiewicz, current fsfr board members except richard cohen agreed to resign

* Oaktree capital group - executive officers of fsc and fsfr will resign, will be replaced with individuals affiliated with oaktree at closing of deal

* Oaktree capital group llc - fsc will change its name to oaktree specialty lending corporation, and will trade under ticker symbol ocsl

* Oaktree capital group llc - fsfr will change its name to oaktree strategic income corporation, and will trade under ticker symbol ocsi Source text for Eikon: Further company coverage:

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