Why Fifth Street Finance (FSC) Stock Is Down Today

NEW YORK (TheStreet) -- Fifth Street Finance  (FSC) fell Friday after the company priced a public offering of 13.25 million shares of common stock at $9.95 a share.

The offering will yield total gross proceeds of $131,837,500, the company said in a statement. The offering includes an option for underwriters to purchase up to 1,987,500 additional shares of common stock. The company expects the offering to close on or around Tuesday, July 15.

The stock was down 4.46% to $9.65 at 9:57 a.m. More than 5.7 million shares had changed hands, compared to the average volume of 1,941,950.

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