Fifth Street Finance Corp. Expands Its Syndicated Bank Credit Facility to $680
GREENWICH, CT, Aug. 15, 2014 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp.
(NASDAQ:FSC) ("FSC") today announced an incremental commitment from an
existing lender to its syndicated bank credit facility led by ING Capital LLC.
As a result, the committed facility size increased by $10 million to $680
million.The facility includes 16 lenders with an accordion feature allowing
for potential future expansion up to $800 million.The final maturity of the
facility remains August 6, 2018.
"We continue to grow the size of our syndicated credit facility, which
provides us with flexible capital to provide custom-tailored financing
solutions by partnering with private equity sponsors, including the ability to
commit to larger transactions up to $250 million," said Leonard M. Tannenbaum,
FSC's Chief Executive Officer, adding, "The diverse group of lenders in our
syndicated credit facility includes leading investment banks, commercial banks
and regional banks, and is an important component of our low-cost capital
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
About ING Capital LLC
ING Capital LLC is a financial services firm offering a full array of
wholesale financial lending products and advisory services to its corporate
and institutional clients.ING Capital is an indirect U.S. subsidiary of ING
Bank NV, part of ING Group (NYSE:ING), a global financial institution of Dutch
origin.The purpose of ING Bank is empowering people to stay a step ahead in
life and in business. The Investment Industry Finance (IIF) group at ING
Capital offers a broad range of structured finance solutions to its clients
active in the Investment Industry, including business development companies.
ING Bank's more than 52,000 employees offer retail and commercial financial
products and services to customers in over 40 countries.
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING shares being included in the Dow Jones Sustainability Index
(Europe and World) and the FTS4Good Index.
This press release may contain certain forward-looking statements, including
statements with regard to the future performance of the company.Words such as
"believes," "expects," "estimates," "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.Certain factors could cause actual
results to differ materially from those projected in these forward-looking
statements, and these factors are identified from time to time in the
company's filings with the Securities and Exchange Commission.The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
CONTACT: Investor Contact:
Robyn Friedman, Vice President, Investor Relations
(212) 279-3115 ext. 252
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