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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. Announces Fourth Quarter and Fiscal Year Ended September 30, 2010 Financial Results

WHITE PLAINS, N.Y., Dec. 2, 2010 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NYSE:FSC) ("Fifth Street" or "we") announces its results for the fourth quarter and fiscal year ended September 30, 2010.

Fourth Quarter 2010 Financial Highlights

  • Net investment income for the quarter ended September 30, 2010 was $11.4 million or $0.21 per share, as compared to $7.8 million or $0.26 per share for the quarter ended September 30, 2009;
     

  • Net asset value per share was $10.43 as of September 30, 2010, as compared to $10.84 as of September 30, 2009; 
     

  • Net unrealized appreciation for the quarter ended September 30, 2010 was $9.9 million (including $14.3 million of reclassifications to realized losses) or $0.18 per share, as compared to $2.0 million or $0.06 per share for the quarter ended September 30, 2009; 
     

  • Net realized losses on investments for the quarter ended September 30, 2010 were $16.0 million or $0.29 per share, as compared to $2.0 million or $0.06 per share for the quarter ended September 30, 2009; and 
     

  • Net increase in net assets resulting from operations for the quarter ended September 30, 2010 was $5.4 million or $0.10 per share, as compared to $7.7 million or $0.25 per share for the quarter ended September 30, 2009.

Annual 2010 Financial Highlights

  • Net investment income for the year ended September 30, 2010 was $43.0 million or $0.95 per share, as compared to $31.4 million or $1.27 per share for the year ended September 30, 2009;
     

  • Net unrealized depreciation for the year ended September 30, 2010 was $1.8 million (including $17.6 million of reclassifications to realized losses) or $0.04 per share, as compared to $10.8 million or $0.44 per share for the year ended September 30, 2009; 
     

  • Net realized losses on investments for the year ended September 30, 2010 were $18.8 million or $0.42 per share, as compared to $14.4 million or $0.58 per share for the year ended September 30, 2009; and 
     

  • Net increase in net assets resulting from operations for the year ended September 30, 2010 was $22.4 million or $0.49 per share, as compared to $6.2 million or $0.25 per share for the year ended September 30, 2009.

First Quarter and Second Quarter 2011 Dividend Declarations

Our Board of Directors has declared monthly dividends for the first and second fiscal quarters of 2011 as follows:

  • $0.10 per share, which was paid on October 27, 2010 to stockholders of record on October 6, 2010;

  • $0.11 per share, which was paid on November 24, 2010 to stockholders of record on November 3, 2010;

  • $0.11 per share, payable on December 29, 2010 to stockholders of record on December 1, 2010;

  • $0.1066 per share, payable on January 31, 2011 to stockholders of record on January 4, 2011;

  • $0.1066 per share, payable on February 28, 2011 to stockholders of record on February 1, 2011; and

  • $0.1066 per share, payable on March 31, 2011 to stockholders of record on March 1, 2011.

Portfolio and Investment Activity

Our Board of Directors determined the fair value of our portfolio at September 30, 2010 to be $563.8 million, as compared to $299.6 million at September 30, 2009.

During the quarter ended September 30, 2010, we invested $91.8 million across four new and six existing portfolio companies. This compares to investing $11.9 million across one new and two existing portfolio companies during the quarter ended September 30, 2009.

At September 30, 2010, our portfolio consisted of investments in 38 companies, 35 of which were completed in connection with investments by private equity sponsors and three of which were in private equity funds. At fair value, 99.1% of our portfolio consisted of debt investments (73.8% of the portfolio consisted of first lien loans, 24.5% second lien loans and 0.8% subordinated loans). Our average portfolio company investment size at fair value (excluding equity-only investments) was $16.6 million at September 30, 2010, versus $11.5 million at September 30, 2009. At September 30, 2010 and September 30, 2009, portfolio investments recorded at fair value represented 86.5% and 72.0%, respectively, of our total assets.

"We have been able to capitalize on the M&A wave by way of managing the business through a combination of low cost of capital, careful risk management and steady growth in our portfolio. Having built capacity both in human and financial capital earlier in 2010, Fifth Street is well situated for and looks forward to a busy last quarter of the calendar year," stated our Chief Executive Officer, Leonard M. Tannenbaum.

Our weighted average yield on debt investments at September 30, 2010 was 14.0%, and included a cash component of 11.8%.

At September 30, 2010 and September 30, 2009, $375.6 million and $281.0 million, respectively, of our portfolio of debt investments at fair value were at fixed rates, which represented 67.2% and 95.0%, respectively, of our total portfolio of debt investments at fair value. At September 30, 2010, primarily all of our floating rate loans carried a minimum interest rate floor of at least 9%.

Results of Operations

Total investment income for the quarters ended September 30, 2010 and September 30, 2009 was $20.0 million and $12.5 million, respectively. For the quarter ended September 30, 2010, this amount primarily consisted of $18.0 million of interest income from portfolio investments (which included $3.3 million of PIK interest), and $2.0 million of fee income. For the quarter ended September 30, 2009, total investment income primarily consisted of $11.4 million of interest income from portfolio investments (which included $1.8 million of PIK interest), and $0.9 million of fee income.

The increase in our total investment income for the quarter ended September 30, 2010 as compared to the quarter ended September 30, 2009 was primarily attributable to higher average levels of outstanding debt investments, which were principally due to an increase of eight investments in our portfolio in the year-over-year period, partially offset by scheduled amortization payments received and other debt payoffs during the same period.

Expenses for the quarters ended September 30, 2010 and September 30, 2009 were $8.6 million and $4.7 million, respectively. Expenses increased for the quarter ended September 30, 2010 as compared to the quarter ended September 30, 2009 by $3.9 million, primarily as a result of increases in the base management fee, the incentive fee, interest expense, administrator expense and other general and administrative expenses. For the quarter ended September 30, 2010, no base management fee was incurred on our assets held in the form of cash and cash equivalents, as our investment advisor voluntarily agreed to permanently waive this fee as of the end of each quarter beginning March 31, 2010.

Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their stated costs.  During the quarter ended September 30, 2010, we recorded the following investment realization events:

  • In August 2010, we received a cash payment of $7.6 million from Storyteller Theaters Corporation in full satisfaction of all obligations under the loan agreement.  The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
     

  • In September 2010, we restructured our investment in Rail Acquisition Corp.  Although the full amount owed under the loan agreement remained intact, the restructuring resulted in a material modification of the terms of the loan agreement.  As such, we recorded a realized loss on this investment in the amount of $2.6 million; 
     

  • In September 2010, we sold our investment in Martini Park, LLC and received a cash payment in the amount of $0.1 million.  We recorded a realized loss on this investment in the amount of $4.0 million; and 
     

  • In September 2010, we exited our investment in Rose Tarlow, Inc. and received a cash payment in the amount of $3.6 million in full settlement of the debt investment.  We recorded a realized loss on this investment in the amount of $9.3 million.

During the quarter ended September 30, 2009, we exited our investment in American Hardwoods Industries, LLC and recorded a realized loss of $2.0 million.

Net unrealized appreciation or depreciation is the net change in the fair value of our investment portfolio during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. During the quarter ended September 30, 2010, we recorded net unrealized appreciation of $10.7 million. This consisted of $14.3 million of reclassifications to realized losses and $0.2 million of net unrealized appreciation on equity investments, offset by $3.8 million of net unrealized depreciation on debt investments. During the quarter ended September 30, 2009, we recorded net unrealized appreciation of 2.0 million. This consisted of $1.9 million of reclassifications to realized losses and $0.1 million of net unrealized appreciation on equity investments.

Liquidity and Capital Resources

As of September 30, 2010, we had $76.8 million in cash and cash equivalents, portfolio investments (at fair value) of $563.8 million, $3.8 million of interest and fees receivable, $73.0 million of SBA debentures payable, no borrowings outstanding under our credit facilities and unfunded commitments of $49.5 million.

As of September 30, 2009, we had $113.2 million in cash and cash equivalents, portfolio investments (at fair value) of $299.6 million, $2.9 million of interest receivable, no borrowings outstanding and unfunded commitments of $9.8 million.

Fiscal Year 2010 Dividends

For the fourth quarter of 2010, our Board of Directors declared a dividend on August 2, 2010 of $0.10 per share. The record date was September 1, 2010 and the dividend was distributed on September 29, 2010.

For the third quarter of 2010, our Board of Directors declared a dividend on May 3, 2010 of $0.32 per share. The record date was May 20, 2010 and the dividend was distributed on June 30, 2010.

For the second quarter of 2010, our Board of Directors declared a dividend on January 12, 2010 of $0.30 per share. The record date was March 3, 2010 and the dividend was distributed on March 30, 2010.

For the first quarter of 2010, our Board of Directors declared a dividend on November 12, 2009 of $0.27 per share. The record date was December 10, 2009 and the dividend was distributed on December 29, 2009.

Dividends are paid from distributable income. Our Board of Directors determines dividends based on estimates of distributable (or taxable) income, which differ from book income due to temporary and permanent differences in income and expense recognition and changes in unrealized appreciation and depreciation of investments.

Our dividend reinvestment plan ("DRIP") provides for reinvestment of our dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board of Directors declares a cash dividend, our stockholders who have not "opted out" of our dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of our common stock, rather than receiving the cash dividends. If you are a stockholder and your shares of our common stock are held through a brokerage firm or other financial intermediary and you wish to participate in the DRIP, please contact your broker or other financial intermediary. 

Portfolio Asset Quality

We utilize the following investment rating system for our investment portfolio:

  • Investment Rating 1 is used for investments that are performing above expectations and/or a capital gain is expected.
     

  • Investment Rating 2 is used for investments that are performing substantially within our expectations, and whose risks remain neutral or favorable compared to the potential risk at the time of the original investment. All new loans are initially rated 2.
     

  • Investment Rating 3 is used for investments that are performing below our expectations and that require closer monitoring, but where we expect no loss of investment return (interest and/or dividends) or principal. Companies with a rating of 3 may be out of compliance with financial covenants.
     

  • Investment Rating 4 is used for investments that are performing below our expectations and for which risk has increased materially since the original investment. We expect some loss of investment return, but no loss of principal.
     

  • Investment Rating 5 is used for investments that are performing substantially below our expectations and whose risks have increased substantially since the original investment. Investments with a rating of 5 are those for which some loss of principal is expected.

At September 30, 2010 and September 30, 2009, the distribution of our investments on the 1 to 5 investment rating scale at fair value was as follows:

 

September 30, 2010

September 30, 2009

 Investment Rating

 Fair Value

% of Portfolio

Leverage Ratio

 Fair Value

% of Portfolio

Leverage Ratio

 1

 $ 89,150,457

15.81%

2.97

 $ 22,913,497

7.65%

1.70

 2

 424,494,799

75.29%

4.31

 248,506,393

82.94%

4.34

 3

 18,055,528

3.20%

13.25

 6,122,236

2.04%

10.04

 4

 23,823,120

4.23%

8.13

 16,377,904

5.47%

8.31

 5

8,297,412

1.47%

NM1

5,691,107

1.90%

NM1

 Total

 $ 563,821,316

100.00%

4.53

 $ 299,611,137

100.00%

4.42

1Due to operating performance, this ratio is not measurable and, as a result, is excluded from the total portfolio calculation.

As a result of current economic conditions and their impact on certain of our portfolio companies, we have agreed to modify the payment terms of our investments in eleven of our portfolio companies as of September 30, 2010. Such modified terms include increased PIK interest provisions and/or reduced cash interest rates. These modifications, and any future modifications to our loan agreements as a result of current economic conditions or otherwise, may limit the amount of interest income that we recognize from the modified investments, which may, in turn, limit our ability to make distributions to our stockholders.

Five investments did not pay all of their scheduled monthly cash interest payments for the year ended September 30, 2010. As of September 30, 2010, we had also stopped accruing PIK interest and OID on these five investments.  As of September 30, 2009, we had stopped accruing PIK interest and OID on five investments, including two investments that had not paid all of their scheduled monthly cash interest payments.

Recent Developments

On October 1, 2010, we closed a $63.5 million senior secured debt facility to support the acquisition of a provider of technology solutions. The investment is backed by a private equity sponsor and $51.0 million was funded at closing. The terms of this investment include a $12.5 million revolver at an interest rate of LIBOR + 7.5% per annum, a $29.0 million Term Loan A at an interest rate of LIBOR + 7.5% per annum and a $22.0 million Term Loan B at an interest rate of 12.5% per annum. This is a first lien facility with a scheduled maturity of five years.

On October 1, 2010, we received a cash payment of $8.6 million from Goldco, Inc., in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par.

On October 13, 2010, Nicos Polymers & Grinding, Inc., an existing portfolio company, filed for Chapter 11 bankruptcy as part of a restructuring of that investment. The bankruptcy was subsequently moved to a court mandated mediation process. On November 15, 2010, we and the major shareholder of Nicos Polymers & Grinding, Inc. agreed to a binding term sheet to settle the restructuring via an out of court foreclosure process. The restructuring will result in Nicos Polymers & Grinding retaining $10.0 million of senior term debt at an interest rate of 8.0% with a scheduled maturity of seven years, along with a $1.0 million to $3.0 million expandable revolving line of credit.

On October 22, 2010, our Board of Directors authorized a stock repurchase program to acquire up to $20 million of our outstanding common stock. Stock repurchases under this program are to be made through the open market at times and in such amounts as our management deems appropriate, provided that the price is below the most recently published net asset value per share. The stock repurchase program expires December 31, 2011 and may be limited or terminated by the Board of Directors at any time without prior notice.

On October 22, 2010, our Board of Directors approved an amendment to our DRIP to allow for a 5% discount on newly issued shares purchased through the DRIP, provided the shares will not be issued at a price below the most recently published net asset value per share.

On October 27, 2010, we paid a dividend in the amount of $0.10 per share to stockholders of record on October 6, 2010.

On November 4, 2010, we held a foreclosure auction of the assets of Vanguard Vinyl, Inc., an existing portfolio company, as part of a loan restructuring. The restructuring broke up Vanguard Vinyl, Inc. into two operating companies. One operating company, located in California, will maintain $0.8 million of senior secured term debt at an interest rate of 8.0%, along with a $0.4 million revolving line of credit; both loans have a scheduled maturity of three years. The other operating company will manage operations in Utah with $2.0 million of senior secured term debt at an interest rate of 8.0%, along with a $1.0 million revolving line of credit; both loans have a scheduled maturity of three years. The Hawaii operations will maintain $3.8 million of senior secured term debt at an interest rate of 8% with a scheduled maturity of six months.

On November 5, 2010, we amended the Wells Fargo facility to, among other things, provide for the issuance from time to time of letters of credit for the benefit of our portfolio companies. The letters of credit are subject to certain restrictions, including a borrowing base limitation and an aggregate sublimit of $15.0 million.

On November 15, 2010, our SBIC subsidiary drew $6.0 million from its SBA commitment to use to fund future investments.

On November 16, 2010, we received a cash payment of $11.0 million from TBA Global, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par.

On November 16, 2010, we drew $10.0 million on the Wells Fargo facility.

On November 19, 2010, we closed a $45.5 million senior secured debt facility to support the acquisition of a provider of technology-based services. The investment is backed by a private equity sponsor and $39.5 million was funded at closing. The terms of this investment include a $6.0 million revolver at an interest rate of LIBOR + 7.0% per annum with a 2% LIBOR floor, a $16.4 million Term Loan A at an interest rate of LIBOR + 8.0% per annum with a 2% LIBOR floor, a $21.0 million Term Loan B at an interest rate of LIBOR + 10.25% per annum with a 2% LIBOR floor and a $2.1 million membership interest. This is a first lien facility with a scheduled maturity of five years.

On November 24, 2010, we paid a dividend in the amount of $0.11 per share to stockholders of record on November 3, 2010.

On November 30, 2010, our Board of Directors declared the following monthly dividends:

  • $0.1066 per share, payable on January 31, 2011 to stockholders of record on January 4, 2011;

  • $0.1066 per share, payable on February 28, 2011 to stockholders of record on February 1, 2011; and

  • $0.1066 per share, payable on March 31, 2011 to stockholders of record on March 1, 2011.

Conference Call

Fifth Street will hold a conference call at 10:00 am (Eastern Time) on Friday, December 3, 2010 to discuss the quarterly and fiscal year end results. All interested parties are welcome to participate. You can access the conference call by dialing (888) 857-6931 approximately 5-10 minutes prior to the call. All callers should reference Fifth Street Finance Corp. An archived replay of the call will be available two hours after the call and will be available through December 7, 2010. To hear the replay, please dial (888) 203-1112 and reference passcode #6492367.

 

Fifth Street Finance Corp.

Consolidated Statements of Assets and Liabilities

 

 

September 30,

September 30,

 

2010

2009

ASSETS

Investments at Fair Value:

 

 

Control investments (cost September 30, 2010: $12,195,029;
cost September 30, 2009: $12,045,029)

$3,700,000

$5,691,107

Affiliate investments (cost September 30, 2010: $50,133,521;
cost September 30, 2009: $71,212,035)

47,222,059

64,748,560

Non-control/Non-affiliate investments (cost September 30, 2010:
$530,168,045; cost September 30, 2009: $243,975,221)

512,899,257

229,171,470

 

 

 

Total Investments at Fair Value (cost September 30, 2010:
$592,496,595; cost September 30, 2009: $327,232,285)

563,821,316

299,611,137

Cash and cash equivalents

76,765,254

113,205,287

Interest and fees receivable

3,813,757

2,866,991

Due from portfolio company

103,426

154,324

Deferred financing costs

5,465,964

Collateral posted to bank and other assets

1,956,013

49,609

 

 

 

Total Assets

$651,925,730

$415,887,348

 

 

 

 

 

 

LIABILITIES AND NET ASSETS

Liabilities:

 

 

Accounts payable, accrued expenses and other liabilities

$1,322,282

$723,856

Base management fee payable

2,875,802

1,552,160

Incentive fee payable

2,859,139

1,944,263

Due to FSC, Inc. 

1,083,038

703,900

Interest payable

282,640

Payments received in advance from portfolio companies

1,330,724

190,378

Offering costs payable

216,720

SBA debentures payable

73,000,000

 

 

 

Total Liabilities

82,753,625

5,331,277

 

 

 

Net Assets:

 

 

Common stock, $0.01 par value, 150,000,000 shares authorized,
54,550,290 and 37,878,987 shares issued and outstanding at
September 30, 2010 and September 30, 2009

545,503

378,790

Additional paid-in-capital

619,759,984

439,989,597

Net unrealized depreciation on investments and interest rate swap

(29,448,713)

(27,621,147)

Net realized loss on investments

(33,090,961)

(14,310,713)

Accumulated undistributed net investment income

11,406,292

12,119,544

 

 

 

Total Net Assets

569,172,105

410,556,071

 

 

 

Total Liabilities and Net Assets

$651,925,730

$415,887,348

 

 

Fifth Street Finance Corp.

Consolidated Statements of Operations

 

 

Year

Year

Year

 

Ended

Ended

Ended

 

September 30,

September 30,

September 30,

 

2010

2009

2008

 

 

 

 

Interest income:

 

 

 

Control investments

$182,827

$

$

Affiliate investments

7,619,018

10,632,844

8,804,543

Non-control/Non-affiliate investments

46,089,945

27,931,097

16,800,945

Interest on cash and cash equivalents

237,557

208,824

750,605

 

 

 

 

Total interest income

54,129,347

38,772,765

26,356,093

 

 

 

 

PIK interest income:

 

 

 

Control investments

Affiliate investments

1,227,133

1,634,116

1,539,934

Non-control/Non-affiliate investments

8,776,935

5,821,173

3,357,464

 

 

 

 

Total PIK interest income

10,004,068

7,455,289

4,897,398

 

 

 

 

Fee income:

 

 

 

Control investments

Affiliate investments

1,433,206

1,101,656

702,463

Non-control/Non-affiliate investments

4,537,837

2,440,538

1,105,576

 

 

 

 

Total fee income

5,971,043

3,542,194

1,808,039

 

 

 

 

Dividend and other income:

 

 

 

Control investments

Affiliate investments

26,740

Non-control/Non-affiliate investments

433,317

22,791

130,971

Other income

35,396

 

 

 

 

Total dividend and other income

433,317

58,187

157,711

 

 

 

 

Total investment income

70,537,775

49,828,435

33,219,241

 

 

 

 

Expenses:

 

 

 

Base management fee

10,002,326

6,060,690

4,258,334

Incentive fee

10,756,040

7,840,579

4,117,554

Professional fees

1,348,908

1,492,554

1,389,541

Board of Directors fees

278,418

310,250

249,000

Organizational costs

200,747

Interest expense

1,929,389

636,901

917,043

Administrator expense

1,321,546

796,898

978,387

Line of credit guarantee expense

83,333

Transaction fees

206,726

General and administrative expenses

2,604,051

1,500,197

674,360

 

 

 

 

Total expenses

28,240,678

18,638,069

13,075,025

Base management fee waived

(727,067)

(171,948)

 

 

 

 

Net expenses

27,513,611

18,466,121

13,075,025

 

 

 

 

Net investment income

43,024,164

31,362,314

20,144,216

Unrealized depreciation on interest rate swap

 (773,435)

 

 

 

 

 

 

Unrealized appreciation (depreciation) on investments:

 

 

 

Control investments

(2,141,107)

(1,792,015)

Affiliate investments

3,294,482

286,190

(10,570,012)

Non-control/Non-affiliate investments

(2,207,506)

(9,289,492)

(6,378,755)

 

 

 

 

Total unrealized depreciation on investments

(1,054,131)

(10,795,317)

(16,948,767)

 

 

 

 

 

 

 

 

Realized gain (loss) on investments:

 

 

 

Control investments

Affiliate investments

(6,937,100)

(4,000,000)

Non-control/Non-affiliate investments

(11,843,148)

(10,373,200)

62,487

 

 

 

 

Total realized gain (loss) on investments

(18,780,248)

(14,373,200)

62,487

 

 

 

 

Net increase in net assets resulting from operations

$22,416,350

$6,193,797

$3,257,936

 

 

 

 

Net Investment Income per common share  basic and diluted

$0.95

$1.27

$1.29

Earnings per common share  basic and diluted

$0.49

$0.25

$0.21

 

 

 

 

Weighted average common shares  basic and diluted

45,440,584

24,654,325

15,557,469


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.'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.

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 Finance Corp. 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 Street Finance Corp.'s filings with the Securities and Exchange Commission. Fifth Street Finance Corp. 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, Executive Director, Investor Relations
  
         (914) 286-6811
  
         stacey@fifthstreetcap.com

 




    

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