WHITE PLAINS, N.Y., Oct. 23, 2013 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NASDAQ:FSC) ("FSC") announced today that three new lenders joined its syndicated bank credit facility led by ING Capital LLC, and one existing lender increased its commitment. The additional commitments increase the facility size by $125 million to $605 million from $480 million. The facility now includes 14 lenders with an accordion feature allowing for potential future expansion up to $800 million. The final maturity of the facility remains August 6, 2018.
"This upsize further enhances our ability to commit up to $250 million in support of our private equity sponsor clients. Combined with our Wells Fargo and Sumitomo facilities, as well as available debenture capacity through our SBIC subsidiaries, FSC has access to over $1 billion of debt capital," commented FSC's CEO, Leonard M. Tannenbaum.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a leading 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. The company'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 over $3 billion in assets under management. With a track record of more than 15 years and offices across the country, 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's website can be found at fifthstreetfinance.com.
About ING Capital LLC
ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, which is part of the global financial services company ING Group. ING Bank NV has 67,000 employees serving its clients through its extensive global network in the world's major financial services markets. ING Capital has built a leading position in corporate lending. 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 BDCs.
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 otherwise.
CONTACT: Investor Contact: Dean Choksi Senior Vice President of Finance & Head of Investor Relations (914) 286-6855 email@example.com Media Contact: Nick Rust Prosek Partners (212) 279-3115 ext. 252 firstname.lastname@example.org ING Capital LLC - Deal Contact: Patrick Frisch, Managing Director (646) 424-6912 email@example.com
Source:Fifth Street Finance Corp.