Daily News: August 7, 2013

Fifth Street Expands Syndicated Bank Credit Facility

Fifth Street Finance announced the successful amendment of its syndicated bank credit facility led by ING Capital. 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 to expand its product offerings and grow its portfolio,” commented Fifth Street’s president, Bernard D. Berman.