Fifth Street Finance ups loan to $215 million, pushes out maturity

By Sara Rosenberg

New York, Feb. 24 - Fifth Street Finance Corp. increased its revolving credit facility to $215 million from $125 million and extended the maturity date to Feb. 22, 2014 from May 27, 2013, according to a news release.

Also, the facility now provides that if a BBB credit rating is obtained, then pricing will be reduced to Libor plus 300 basis points with no Libor floor.

Currently, the facility is priced at Libor plus 350 bps.

And, the accordion feature was increased to allow for the expansion of the revolver to an amount of up to $300 million.

In connection with the upsizing, three new lenders were added to the deal - Deutsche Bank Trust Co. Americas, Key Equipment Finance Inc. and Patriot National Bank - and all participants in the existing lender group increased their commitments.

ING Capital LLC is the lead bank on the deal.

Fifth Street Finance is a White Plains, N.Y.-based specialty finance company that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors.

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