Fifth Street Finance Corp. Prices Public Offering of Common Stock

Fifth Street Finance Corp. Prices Public Offering of Common Stock

WHITE PLAINS, NY, July 11, 2014 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp.
(NASDAQ:FSC) ("FSC") today announced that it priced a public offering of
13,250,000 shares of its common stock at a public offering price of $9.95 per
share for total gross proceeds of $131,837,500. All shares are being offered
by FSC. Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities and RBC
Capital Markets will act as lead book-running managers, and SMBC Nikko will
act as joint lead manager for the offering.

The closing of the transaction is subject to customary closing conditions and
the shares are expected to be delivered on or about July 15, 2014. FSC has
also granted the underwriters an option to purchase up to an additional
1,987,500 shares of common stock.

FSC intends to use the net proceeds from this offering to repay debt
outstanding under its credit facilities. However, through re-borrowing under
its credit facilities, it intends to make investments in small and mid-sized
companies in accordance with its investment objective and strategies described
in the prospectus supplement and accompanying prospectus and may use such
funds for general corporate purposes.

The offering is being made pursuant to FSC's existing effective shelf
registration statement on Form N-2 previously filed with the Securities and
Exchange Commission. The offering will be made only by means of a prospectus
supplement and accompanying prospectus, copies of which, when available, may
be obtained from: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, NY 10014 (Attn: Prospectus Department, tel: (866) 718-1649 or
prospectus@morganstanley.com); UBS Securities LLC, 299 Park Avenue, New York,
NY 10171 (Attn: Prospectus Department or tel: (888) 827-7275); Deutsche Bank
Securities Inc., 60 Wall Street, New York, NY 10005 (Attn: Prospectus Group,
tel: (800) 503-4611 or prospectus.cpdg@db.com); and RBC Capital Markets, LLC,
Three World Financial Center, 8th Floor, 200 Vesey Street, New York, NY 10281
(Attn: Equity Syndicate, tel: (877) 822-4089). Investors are advised to
carefully consider the investment objective, risks, charges and expenses of
FSC before investing. The prospectus supplement and accompanying prospectus
contain a description of these matters and other important information about
FSC and should be read carefully before investing.

This press release does not constitute an offer to sell or a solicitation of
an offer to buy nor will there be any sale of the shares referred to in this
press release in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction.

About Fifth Street Finance Corp.

Fifth Street Finance Corp. is a leading specialty finance company that
provides custom-tailored financing solutions to mid-sized companies, primarily
in connection with investments by private equity sponsors. The company
originates and invests in one-stop financings, first lien, second lien,
mezzanine debt and equity co-investments. FSC's investment objective is to
maximize its portfolio's total return by generating current income from its
debt investments and capital appreciation from its equity investments. The
company has elected to be regulated as a business development company and is
externally managed by Fifth Street Management LLC, an SEC-registered
investment adviser and leading alternative asset manager with $5 billion in
assets under management. With a track record of more than 16 years, Fifth
Street's nationally recognized platform has the ability to hold loans up to
$150 million, commit up to $250 million and structure and syndicate
transactions up to $500 million. Fifth Street received the 2014 ACG New York
Champion's Award for "Senior Lender Firm of the Year" and was named both 2013
"Lender Firm of the Year" by The M&A Advisor and "Lender of the Year" by
Mergers & Acquisitions. FSC's website can be found at
fsc.fifthstreetfinance.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, including
statements with regard to Fifth Street Finance Corp.'s securities offering and
the anticipated use of the net proceeds of the offering. Words such as
"believes," "intends," "expects," "plans," "projects," "anticipates," and
"future" or similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions and no assurance can
be given that the securities offering discussed above will be consummated on
the terms described or at all. Completion of the securities offering and the
terms thereof are subject to numerous factors, many of which are beyond the
control of FSC, including, without limitation, market conditions, changes in
interest rates, failure of customary closing conditions and other matters set
forth in the company's prospectus supplement and accompanying prospectus. FSC
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

CONTACT: Investor Contact:
         Dean Choksi, Executive Director of Finance &
         Head of Investor Relations
         Fifth Street Finance Corp.
         (914) 286-6855
         dchoksi@fifthstreetfinance.com
        
         Media Contact:
         Nick Rust
         Prosek Partners
         (212) 279-3115 ext. 252
         pro-fifthstreet@prosek.com

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