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Fifth Street Senior Floating Rate, Natixis Close $100MM Credit Facility

November 08, 2013, 07:16 AM
Filed Under: Lender Finance

Fifth Street Senior Floating Rate Corp. announced that it has closed a $100 million credit facility with Natixis, New York Branch. Pricing on the new facility is set at the applicable commercial paper rate plus 1.9% per annum. The interest rate would remain the same for any additional future commitments from Natixis that are funded through its commercial paper conduit. To the extent new lenders participate in the facility or Natixis funds incremental commitments outside of its commercial paper conduit, pricing on those commitments would be three-month LIBOR plus 2.0% per annum. The facility has an 18-month reinvestment period and a final maturity date of November 1, 2021. DBRS, Inc currently rates the facility AA.

"Our new facility and partnership with Natixis provides FSFR with flexible and low-cost capital to fund its growing pipeline and increase leverage towards its target of 0.85x debt-to-equity," stated FSFR's, President Bernard D. Berman.

Fifth Street Senior Floating Rate Corp. is a specialty finance company that provides financing solutions in the form of floating rate senior secured loans to small and mid-sized companies, primarily in connection with investments by private equity sponsors.

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