Business Context and Reporting Period
This Form 8-K was filed by Fifth Street Finance Corp. on August 15, 2014, reporting events that occurred on August 12, 2014. The filing details a material definitive agreement regarding the company's credit facilities. Note: The request metadata references "Oaktree Specialty Lending Corp," but the filing text explicitly identifies the registrant as Fifth Street Finance Corp.
Key Financial Metrics and Debt
- Credit Facility Expansion: Entered into an incremental assumption agreement to increase its syndicated revolving credit facility (the "ING facility") by $10 million.
- Total Facility Size: The facility size is now $680 million.
- Accordion Feature: The facility includes an accordion feature allowing for potential future expansion up to $800 million.
- Lenders: The facility includes 16 lenders, with ING Capital LLC serving as the administrative agent.
- Maturity Date: The final maturity of the facility remains August 6, 2018.
- Other Metrics: The filing text does not provide specific values for revenue, profit, cash flow, margins, or liquidity ratios.
Material Changes
The primary material change is the increase in the size of the syndicated revolving credit facility from its previous amount to $680 million. This represents a direct financial obligation increase of $10 million under the existing agreement structure.
Guidance, Outlook, and Risks
The filing does not contain specific management commentary, forward-looking guidance, or a discussion of risks beyond the creation of the new financial obligation. The document focuses strictly on the execution of the incremental assumption agreement.
Investor Verification Checklist
- Verify the identity of the registrant (Fifth Street Finance Corp.) versus the metadata request (Oaktree Specialty Lending Corp.).
- Confirm the total committed capacity of the ING facility is now $680 million.
- Review the terms of the accordion feature to understand the conditions required to expand the facility to $800 million.
- Check the August 15, 2014 press release (Exhibit 99.1) for additional context on the use of proceeds.