Business Context and Reporting Period
This Form 8-K was filed by Fifth Street Finance Corp. on June 3, 2010, reporting events occurring on May 27, 2010. The filing discloses the entry into a material definitive agreement regarding a new credit facility. 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
The filing does not provide revenue, profit, cash flow, margin, or existing debt metrics. The primary financial data relates to the new financing arrangement:
- New Facility Type: Three-year secured syndicated revolving credit facility.
- Lead Arranger: ING Capital LLC.
- Initial Commitment: $90 million.
- Expansion Capacity: Accordion feature allows expansion up to $150 million.
- Maturity Date: May 27, 2013.
- Interest Rate: LIBOR plus 3.5% per annum OR 2.5% per annum plus an alternate base rate (greatest of Prime Rate, Federal Funds Rate + 0.5%, or LIBOR + 1%).
Material Changes
The material change reported is the creation of a direct financial obligation through the new $90 million revolving credit facility. This represents a significant increase in available liquidity and borrowing capacity compared to the prior period, though specific prior debt levels are not disclosed in this text.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard terms of the credit agreement. The document focuses solely on the execution of the agreement and the incorporation of Item 1.01 into Item 2.03 regarding the creation of a direct financial obligation.
Investor Verification Checklist
- Verify the exact identity of the registrant (Fifth Street Finance Corp.) versus the metadata request (Oaktree Specialty Lending Corp.).
- Confirm the utilization status of the $90 million facility and whether the accordion feature has been exercised.
- Review the full credit agreement (Exhibit 99.1 referenced as a press release, though the agreement itself may be in a separate filing) for covenants and prepayment penalties.
- Check subsequent filings for the actual drawdown amounts and impact on the company's leverage ratios.