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Why Fifth Street Finance (FSC) Stock Is Down After-Hours Today

Stocks in this article: FCS

NEW YORK (TheStreet) -- Fifth Street Finance (FSC) was falling -2.7% to $9.83 after-hours Thursday after announcing a secondary offering.

The company announced it will sell 13.25 million shares of common stock, and will grant the underwriters of the offering a 30-day option to buy an additional 1,987,500 shares. Morgan Stanley (MS), UBS Investment Bank (UBS), Deutsche Bank Securities (DB), and RBC Capital Markets will be lead book-running managers for the offering.

Fifth Street Finance plans to use the proceeds from the offering to repay debt outstanding under its credit facilities.

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"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. The Company's investment objective is to maximize the Company's portfolio's total return by generating current income from its debt investments and capital appreciation from its equity investments. As of September 30, 2013, the Company consists of of 99 investments, 86 of which were in operating companies and 13 of which were in private equity funds. The 13 investments in private equity funds represented less than 1% of the fair value of the Company's assets at September 30, 2013 . The Company is externally managed and advised by Fifth Street Management LLC."

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