Fifth Street -6.5% after slashing dividend

Fifth Street Finance (FSCtumbles 6.5% in the premarket after slipping a dividend cut into last night's earnings release. The monthly payout falls to $0.05 per share in December from $0.0958 previously. For the first five months of 2014, the dividend will be $0.0833 per share.

The board cancelled the $50M repurchase plan and replaced it with $100M program.

Net asset value per share falls to $9.85 on September 30 from $9.90 at the end of Q2. NII of $0.24 per share fell from $0.27 in Q2.

CC at 10 ET

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