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.