Fifth Street lifts facility to $480 million, trims pricing by 50 bps

By Susanna Moon

Chicago, Aug. 7 - Fifth Street Finance Corp. said it amended its credit facility, lifting the total size to $480 million and extending the agreement to five years with a four-year revolving period and a final maturity one year later.

Pricing on the amended facility was reduced by 50 basis points to Libor plus 225 basis points with no Libor floor.

Fifth Street amended its syndicated bank credit facility led by ING Capital LLC, which now also includes more flexible terms about eligible collateral, according to a company press release.

The total size was increased by $35 million from $445 million, and the accordion was upsized to $800 million from $600 million.

"Our amended facility includes a diverse group of lenders, and provides greater capacity and a more flexible structure that better enables Fifth Street Finance Corp. to expand its product offerings and grow its portfolio," Fifth Street's president Bernard D. Berman said in the press release.

Fifth Street is a specialty finance company based in White Plains, N.Y.

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