Fifth Street Closes $422MM of Investments in Fiscal Q1
Fifth Street Finance announced it closed $422 million of investments during the first fiscal quarter ended December 31, 2012. Of these investments, $391 million were funded at closing.
Fifth Street said it also received $94 million due to refinancings, partial refinancings and sales of portfolio investments during the quarter. As a result, the investment portfolio grew by $297 million, an increase of 23% to approximately $1.6 billion from the prior quarter ended September 30, 2012 fair value of $1.3 billion.
In the calendar year 2012, Fifth Street said it agented and syndicated $1.7 billion of deals, according to Thompson Reuters LPC League Tables. As Fifth Street expands its origination franchise and broadens its capital markets relationships, the firm continues to fortify its position as one of the top sourcing platforms within the middle market. Fifth Street is currently recruiting for a head of Capital Markets and other experienced investment professionals to augment and further expand its outreach.
“Fifth Street had a historic December quarter of originations, reflecting many financial sponsors’ desire to close deals by year-end, and I am pleased we were well-positioned with strong underwriting and financial capital to support our new and existing sponsor partners,” commented Leonard M. Tannenbaum, chief executive officer, adding “In anticipation of the increased deal activity, Fifth Street demonstrated its ability to access capital markets and bank credit facilities opportunistically and put capital to work on a timely basis.”
Some notable transactions completed in the first fiscal quarter of 2013 include the following: