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.)
Date of Report: October 18, 2013
Reporting Period: Current report covering events on October 18, 2013, and October 22, 2013.
Key Financial Metrics
This filing reports on debt facility expansion rather than operating performance metrics. Specific values for revenue, profit, cash flow, or margins are not provided in this document.
- Debt Facility Expansion: Increased secured syndicated revolving credit facility (ING facility) by $115 million on October 18, 2013, and an additional $10 million on October 22, 2013.
- Total Facility Size: $605 million.
- Accordion Feature: Allows for potential future expansion up to $800 million.
- Lenders: 14 lenders party to the facility.
- Maturity Date: August 6, 2018.
Material Changes
The primary material change is the entry into incremental assumption agreements to increase the size of the company's secured syndicated revolving credit facility. The facility size increased from a prior undisclosed amount to $605 million.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the execution of agreements to expand borrowing capacity but does not provide specific guidance on future earnings or strategic outlook beyond the facility expansion.
Risks and Contingencies: The filing notes the creation of a direct financial obligation. No specific risk factors or unusual items are detailed in the text provided, other than the standard qualification that the agreement description is not complete and refers to exhibits.
Key Facts for Investor Verification
- Verify the total outstanding debt balance post-expansion to assess leverage ratios.
- Confirm the interest rate and fee structure associated with the incremental $125 million increase.
- Review the "Form of Incremental Assumption Agreement" (Exhibit 10.1) for covenants and restrictions.
- Monitor the utilization of the accordion feature to determine if the facility will expand toward the $800 million cap.