Business Context and Reporting Period
This Form 8-K was filed by Fifth Street Finance Corp. on December 5, 2011, reporting events occurring on November 30, 2011. The filing addresses a material amendment to the company's secured credit facility. Note: The request metadata references "Oaktree Specialty Lending Corp," but the source text explicitly identifies the registrant as Fifth Street Finance Corp.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or margin data. The primary financial metric disclosed relates to the company's debt facility:
- Debt Facility: $100 million three-year secured credit facility with Wells Fargo Bank, N.A.
- Interest Rate Adjustment: Reduced from LIBOR plus 3.0% per annum to LIBOR plus 2.75% per annum.
- LIBOR Floor: No LIBOR floor applies to the facility.
Material Changes
The material change reported is the amendment of the Wells Fargo facility terms effective November 30, 2011. This amendment resulted in a 25 basis point reduction in the interest rate spread, lowering the company's borrowing costs on this specific facility.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard incorporation of the full text of the loan agreements. The document focuses solely on the execution of the credit facility amendment.
Investor Verification Checklist
- Verify the exact terms of Amendment No. 3 to the Loan and Servicing Agreement (Exhibit 10.1) for any covenants or conditions not summarized in the 8-K.
- Confirm the impact of the 25 basis point rate reduction on the company's overall weighted average cost of debt.
- Review the Press Release dated December 5, 2011 (Exhibit 99.1) for additional context on the company's capital strategy.
- Ensure the registrant name is correctly identified as Fifth Street Finance Corp. for any subsequent filings.