Business Context and Reporting Period
This Form 8-K was filed by Fifth Street Finance Corp. on April 23, 2012. The report details a material definitive agreement entered into on the same date regarding the amendment of the company's secured credit facility with Wells Fargo Bank, N.A. 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 Structure
The filing focuses on debt capacity and maturity extensions rather than operational financial performance metrics such as revenue or cash flow.
- Facility Capacity: Increased from $100 million to $150 million.
- Accordion Feature: Expanded to allow potential future borrowing up to a total of $250 million.
- Reinvestment Period: Extended from February 25, 2013, to April 23, 2014.
- Maturity Date: Extended from February 25, 2014, to April 25, 2016.
The filing text does not provide clear values for revenue, profit, operating cash flow, margins, or current liquidity ratios.
Material Changes Versus Prior Period
The primary material change is the amendment of the Wells Fargo credit facility (Amendment No. 4). Key changes include:
- A 50% increase in immediate borrowing capacity.
- An extension of the facility's maturity by approximately two years.
- An extension of the period available for making and reinvesting borrowings by approximately 14 months.
Guidance, Outlook, and Risks
The filing does not contain specific forward-looking guidance, management commentary on market conditions, or a discussion of risks and contingencies beyond the terms of the credit agreement amendment. The document incorporates by reference the full text of Amendment No. 4 for complete details.
Important Facts for Investor Verification
- Verify the exact interest rate and fee structure associated with the amended $150 million facility.
- Confirm the specific conditions required to exercise the accordion feature up to $250 million.
- Review the full text of Exhibit 10.1 (Amendment No. 4) for covenants and default provisions.
- Clarify the discrepancy between the request metadata (Oaktree Specialty Lending Corp) and the filing registrant (Fifth Street Finance Corp).