SEC Filing Summary: Form 8-K
Business Context and Reporting Period
Company: Fifth Street Finance Corp. (Note: Request metadata listed "Oaktree Specialty Lending Corp," but the filing text identifies the registrant as Fifth Street Finance Corp.)
Filing Date: March 1, 2011
Event Date: February 25, 2011
Context: The company reported the amendment of a material definitive agreement regarding its credit facility.
Key Financial Metrics
This filing does not provide revenue, profit, cash flow, margin, or liquidity metrics. It focuses exclusively on debt terms.
- Debt Instrument: Three-year credit facility with Wells Fargo Bank, N.A.
- Interest Rate: Reduced to LIBOR plus 3.0% per annum.
- LIBOR Floor: Removed (no floor).
- Maturity Date: Extended to February 25, 2014.
Material Changes Versus Prior Period
The filing details specific amendments to the existing credit facility compared to its prior terms:
- Cost of Borrowing: The interest rate spread was adjusted to 3.0% over LIBOR, and the previous LIBOR floor was eliminated, potentially lowering borrowing costs in low-rate environments.
- Term Extension: The maturity date was extended by three years to February 25, 2014.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure of the debt obligation. The primary implication is improved debt flexibility and potentially reduced interest expense.
Key Facts for Investor Verification
- Verify the exact previous interest rate spread and LIBOR floor terms to quantify the cost savings.
- Confirm the total principal amount outstanding under the amended Wells Fargo facility.
- Review the attached Press Release (Exhibit 99.1) for additional context on the amendment rationale.
- Ensure the registrant name is Fifth Street Finance Corp., not Oaktree Specialty Lending Corp.