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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
(Interview published January 1, 2010)
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Fifth Street Finance Corp. Closes
$37.5 Million Senior Secured Debt
Facility, Increasing Fifth Street's
Total Deal Originations to $155.5
Million for the Quarter
WHITE PLAINS, N.Y., Dec. 8, 2010
(GLOBE NEWSWIRE) -- Fifth Street
Finance Corp. (NYSE:FSC) ("Fifth
Street") announced today that it
closed a $37.5 million senior
secured debt facility to support the
recapitalization of a branded
accessories designer and marketer.
The investment is backed by a
private equity sponsor and
$32.5 million was funded at closing.
The terms of this investment include
a $5.0 million revolver at an
interest rate of
LIBOR plus 7% per annum with
a 3% LIBOR floor, a $15.5 million
Term Loan A at an interest rate of
LIBOR plus 9% per annum with a 3%
LIBOR floor and a $17.0 million Term
Loan B at an interest rate of LIBOR
plus 13% per annum with a 3% LIBOR
floor. In consideration for making
the debt investment, Fifth Street
was also granted a portion of the
equity in the company. This is a
first lien facility with a scheduled
maturity of three years for the Term
Loan A portion of the debt and five
years for the revolver and Term Loan
B portions of the debt.
Total deal originations so far in
our first fiscal quarter of 2011
stand at $155.5 million, $132.0
million of which were funded at
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
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
The Fifth Street Finance Corp. logo
is available at
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
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
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
Street Finance Corp.
Stacey Thorne, Executive
Director, Investor Relations
ceocfointerviews.com does not purchase or
recommendation on stocks based on the interviews published.