Fifth Street ups credit facility to $150 million, extends maturity

By Toni Weeks

San Diego, April 24 - Fifth Street Finance Corp. received an additional $50 million commitment under its credit facility with Wells Fargo Bank, NA, increasing its size to $150 million from $100 million.

The company also tacked on another year to the maturity date of the facility, which previously had a three-year maturity. The facility now matures April 25, 2016, according to a company press release.

In addition, Fifth Street increased the accordion feature by $100 million, which will allow future expansion up to $250 million.

Pricing on the amended facility remains at Libor plus 275 basis points with no Libor floor, the release noted.

Fifth Street is a New York-based specialty finance company focusing on loans and investments to small and mid-sized companies.

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