Fifth Street Finance Offers 7.5M Shares at $10.79 Each
Fifth Street Finance (Nasdaq: FSC) today announced that it priced a public offering of 7,500,000 shares of its common stock at a public offering price of $10.79 per share for total gross proceeds of $80,925,000. All shares are being offered by Fifth Street. UBS Investment Bank, Goldman, Sachs & Co., J.P. Morgan and Wells Fargo Securities are acting as lead book-running managers for the offering. Deutsche Bank Securities, RBC Capital Markets and Stifel Nicolaus Weisel are acting as joint book-running managers and Raymond James, Maxim Group LLC and SMBC Nikko are acting as co-managers for the offering.
The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on or about September 14, 2012. Fifth Street has also granted the underwriters an option to purchase up to an additional 1,125,000 shares of common stock to cover over-allotments, if any.
Fifth Street intends to use the net proceeds from this offering to repay debt outstanding under its credit facilities. However, through re-borrowing under its credit facilities, it intends to make investments in small and mid-sized companies in accordance with its investment objective and strategies described in the prospectus supplement and accompanying prospectus and for general corporate purposes.
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