By Aleesia Forni
Virginia Beach, Feb. 14 - Fifth Street Finance Corp. priced a $250 million issue of 4.875% five-year notes (/BBB-/BBB-) on Friday at 99.451 to yield 5%, according to an informed source and a 497AD filed with the Securities and Exchange Commission.
Yield printed at the tight end of talk, which was set at 5% to 5¼%
The notes (/BBB-/BBB-) sold with a spread of Treasuries plus 348 basis points.
Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and J.P. Morgan Securities LLC were the active bookrunners.
The passive bookrunners were Deutsche Bank Securities Inc., RBC Capital Markets LLC and UBS Securities LLC.
Proceeds will be used to repay outstanding debt under the company's credit facilities.
Fifth Street is a White Plains, N.Y.-based externally managed, closed-end, non-diversified management investment company.
| Issuer: | Fifth Street Finance Corp.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | March 1, 2019
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC, UBS Securities LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., Keefe Bruyette & Woods Inc., SMBC Nikko Securities America Inc.
|
| Coupon: | 4.875%
|
| Price: | 99.451
|
| Yield: | 5%
|
| Spread: | 348 bps
|
| Trade date: | Feb. 14
|
| Settlement date: | Feb. 26
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 5% to 5¼%
|
| Make-whole call: | Treasuries plus 50 bps
|
| Distribution: | SEC-registered
|
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