Daily News: May 8, 2014

Fifth Street Finance Expands ING-Led Facility to $670MM

Fifth Street Finance announced the addition of a new lender and an incremental commitment from an existing lender to its syndicated bank credit facility led by ING Capital. As a result, the committed facility size increased by $20 million to $670 million.

The facility now includes 16 lenders with an accordion feature allowing for potential future expansion up to $800 million. The final maturity of the facility remains August 6, 2018.

“Our syndicated credit facility provides flexible capital to meet the financing needs of our private equity sponsor clients for transactions up to $250 million,” said Leonard M. Tannenbaum, FSC’s CEO, adding, “When combined with our two investment grade credit ratings and ability to access the institutional unsecured bond market, our liability structure remains flexible, low-cost and includes a significant amount of fixed rate longer-term debt.”