Fifth Street expands revolver to $650 million with addition of lender

By Marisa Wong

Madison, Wis., March 7 - Fifth Street Finance Corp. announced an additional lender to its syndicated bank credit facility led by ING Capital LLC. The new commitment increases the facility size by $30 million to $650 million.

The facility now includes 15 lenders and has an accordion feature allowing for potential future expansion up to $800 million.

The final maturity of the facility remains Aug. 6, 2018.

The company entered into an incremental assumption agreement to increase the size of the revolver on March 3, according to an 8-K filing with the Securities and Exchange Commission.

"Our $650 million syndicated bank credit facility includes commitments from 15 different lenders and, combined with our ability to access the institutional high-grade debt market, provides ample debt capital for us to efficiently finance larger transactions," Fifth Street's chief executive officer, Leonard M. Tannenbaum, commented in a press release.

The specialty finance company is based in White Plains, N.Y.

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