Fifth Street Finance announced the successful amendment of the terms of its syndicated bank credit facility led by ING Capital.

The amended facility includes an increase in size to $380 million from $230 million and an increase in the accordion feature to $600 million from $300 million, allowing for potential future expansion. The amended facility includes ten banks, with five new banks joining the syndicate group.  Pricing on the amended facility is reduced to LIBOR plus 2.75% per annum, with no LIBOR floor. The amended facility has a four-year maturity, extending the maturity date from February 29, 2016 to November 30, 2016.

The amended facility also includes higher advance rates across multiple types of investments and greater flexibility on eligible collateral.

"We are pleased to have amended our syndicated bank credit facility led by ING to increase its capacity over 65% and at a lower cost. The changes to the facility reflect the growth in Fifth Street's platform, the quality of our portfolio and our investment grade credit ratings," commented Fifth Street's president, Bernard D. Berman.

Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors.