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Press Release - Fifth Street Finance Corp. (FSC-NYSE)

There are more opportunities for us today than ever before! There is a void in middle market private equity sponsor backed lending of at least $7 to $10 billion in size. I think that the void will increase as middle market Mergers and Acquisitions activities continue to accelerate into next year. We will gain substantial market share as we continue to ramp our origination effort... - Leonard M. Tannenbaum (FSC) (Interview published January 1, 2010)

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Fifth Street Finance Corp. Raises $78.4 Million in Gross Proceeds in Connection With Public Offering of Common Stock

WHITE PLAINS, N.Y., Jan. 27, 2010 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NYSE:FSC) ("Fifth Street") today announced that it has completed a public offering of 7,000,000 shares of common stock at a price of $11.20 per share, raising approximately $78.4 million in gross proceeds. Fifth Street has also granted the underwriters an option, exercisable for 30 days, to purchase up to 1,050,000 additional shares of common stock to cover over-allotments, if any. All shares were offered by Fifth Street. Wells Fargo Securities, LLC and UBS Investment Bank served as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated and RBC Capital Markets acted as co-lead managers for the offering. Janney Montgomery Scott LLC, Morgan Keegan & Company, Inc., Macquarie Capital (USA) Inc., Gilford Securities Incorporated and ING acted as co-managers.

Fifth Street intends to use approximately $38 million of the net proceeds from this offering to repay its outstanding borrowings under its credit facility with Wachovia Bank, N.A., a Wells Fargo company. Substantially all of the remaining net proceeds from the offering will be used to make investments in small and mid-sized companies in accordance with Fifth Streetís investment objectives and strategies described in the prospectus supplement and accompanying prospectus and for general corporate purposes, including working capital requirements.  

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 in connection with investments by private equity sponsors. Fifth Street Finance Corp.ís investment objective is to maximize its portfolioís total return by generating current income from its debt investments and capital appreciation from its equity investments.

The Fifth Street Finance Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5525

Forward-Looking Statements

This press release may contain certain forward-looking statements, including statements with regard to the future performance of Fifth Street. Words such as "believes," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and these factors are identified from time to time in Fifth Streetís filings with the Securities and Exchange Commission. Fifth Street undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:  Fifth Street Finance Corp.
          Stacey Thorne, Director, Investor Relations
          (914) 286-6811
          stacey@fifthstreetcap.com




    

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