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Fifth Street Finance Prices $250MM Unsecured Notes

February 18, 2014, 07:39 AM
Filed Under: Industry News

Fifth Street Finance Corp. announced that it priced a public offering of $250 million in aggregate principal amount of its 4.875% unsecured notes due 2019 (the "Notes"). The Notes will mature on March 1, 2019, and may be redeemed in whole or in part at Fifth Street's option at any time or from time to time at par plus a "make-whole" premium. The Notes will bear interest at a rate of 4.875% per year payable semi-annually on March 1 and September 1 of each year, beginning September 1, 2014.

The closing of the transaction is subject to customary closing conditions and the Notes are expected to be delivered on or about February 26, 2014.

Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Barclays Capital Inc. and J.P. Morgan Securities LLC are acting as lead book-running managers for the offering. Deutsche Bank Securities Inc., RBC Capital Markets, LLC and UBS Securities LLC are acting as joint book-running managers, and KeyBanc Capital Markets Inc., Keefe, Bruyette & Woods, Inc., and SMBC Nikko Securities America, Inc. are acting as co-managers for the offering.

Fifth Street intends to use the net proceeds from this offering to repay debt outstanding under one or more of 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.

Fifth Street is a specialty finance company that provides custom-tailored financing solutions to small and 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.

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