WHITE PLAINS, N.Y., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (Nasdaq: FSC ) ("Fifth Street") announced today the successful amendment of its syndicated bank credit facility led by ING Capital LLC.
The amended facility includes an increase in size to $480 million from $445 million and an increase in the accordion feature to $800 million from $600 million, allowing for potential future expansion. Pricing on the amended facility is reduced by 50 basis points to LIBOR plus 2.25% per annum with no LIBOR floor. The maturity of the facility is extended to five years with a four-year revolving period and a final maturity one year later. The amended facility also includes more flexible terms regarding eligible collateral.
"Our amended facility includes a diverse group of lenders, and provides greater capacity and a more flexible structure that better enables Fifth Street Finance Corp. to expand its product offerings and grow its portfolio," commented Fifth Street's President, Bernard D. Berman.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors. Fifth Street Finance Corp.'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.
About ING Capital LLC
ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, which is part of the global financial services company ING Group. ING Bank NV has 67,000 employees serving its clients through its extensive global network in the world's major financial services markets. ING Capital has built a leading position in corporate lending. The Investment Industry Finance (IIF) group at ING Capital offers a broad range of structured finance solutions to its clients active in the Investment Industry, including BDCs.
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," "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 otherwise.
Fifth Street Finance Corp. - Investor Contact: Dean Choksi, Senior Vice President of Finance & Head of Investor Relations (914) 286-6855 Fifth Street Finance Corp. - Media Contact: James Velgot, Chief Marketing Officer (914) 286-6848 ING Capital LLC - Deal Contact: Patrick Frisch, Managing Director (646) 424-6912
