Business Context and Reporting Period
This Form 8-K was filed by Fifth Street Finance Corp. (FSC) on October 30, 2013. The report details a material definitive agreement regarding the amendment of its revolving credit facility with Sumitomo Mitsui Banking Corporation (SMBC). 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 facility restructuring rather than operational financial performance metrics such as revenue or profit.
- Sumitomo Facility Size: Reduced from $200 million to $125 million.
- Compensatory Increase: SMBC's commitment under FSC's syndicated credit facility with ING Capital LLC was increased by $45 million on October 18, 2013.
- Borrowing Period: Extended from September 16, 2014, to September 16, 2016.
- Maturity Date: Extended from September 16, 2018, to September 16, 2020.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or total liquidity positions.
Material Changes Versus Prior Period
The primary material change is the restructuring of the Sumitomo Facility. The facility size was reduced by $75 million, while the borrowing window and maturity date were extended by two years. This reduction was partially offset by an increase in commitments under a separate syndicated facility.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure that the description of the amendment is qualified by reference to the full agreement filed as an exhibit. No unusual items or contingencies were disclosed in the text provided.
Key Facts for Investor Verification
- Verify the total available liquidity after the $75 million reduction in the Sumitomo Facility and the $45 million increase in the ING Capital facility.
- Confirm the terms of the syndicated credit facility with ING Capital LLC to understand the full scope of the compensatory commitment increase.
- Review the full text of Amendment No. 2 (Exhibit 10.1) for covenants or conditions not summarized in the 8-K.
- Clarify the discrepancy between the request metadata (Oaktree Specialty Lending Corp) and the filing registrant (Fifth Street Finance Corp).