Business Context and Reporting Period
This Form 8-K Current Report is filed by Fifth Street Finance Corp. (FSC) on March 7, 2014, reporting events occurring on March 3, 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 source text explicitly identifies the registrant as Fifth Street Finance Corp.
Key Financial Metrics and Debt
- Credit Facility Expansion: FSC entered into an incremental assumption agreement to increase its syndicated revolving credit facility (the "ING facility") by $30 million.
- Total Facility Size: The facility size is now $650 million.
- Accordion Feature: The facility includes an option for future expansion up to $800 million.
- Lenders: The facility includes 15 lenders, with ING Capital LLC serving as the administrative agent.
- Maturity Date: The final maturity 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 $30 million increase in the revolving credit facility capacity. This action enhances the company's borrowing capacity without altering the facility's maturity date.
Guidance, Outlook, and Risks
The filing does not contain specific financial guidance, management commentary on future performance, or a discussion of risks and contingencies beyond the structural details of the credit agreement. The document references a press release (Exhibit 99.1) for additional public information.
Investor Verification Checklist
- Verify the identity of the registrant (Fifth Street Finance Corp.) versus the metadata request (Oaktree Specialty Lending Corp.).
- Confirm the utilization rate of the new $650 million facility.
- Review the terms of the "accordion feature" for conditions required to expand to $800 million.
- Examine the referenced press release (Exhibit 99.1) for strategic context regarding the debt expansion.