Fifth Street Finance Corp. (NYSE: FSC) reported Friday that the company has priced a public stock offering of 7 million shares at $11.20 each.
The offering expects to gross $78.4 million for Fifth Street and it has an option to purchase an additional 1.05 million shares.
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About $38 million of the net proceeds will be used to repay debt. The remainder will be used to invest in small and mid-sized companies and for general corporate purposes.
Wells Fargo Securities LLC and UBS Investment Bank are managing offering. Stifel, Nicolaus & Co. and RBC Capital Markets are acting as co-lead managers. Janney Montgomery Scott LLC, Morgan Keegan & Co., Macquarie Capital (USA) Inc., Gilford Securities Inc. and ING are also listed as underwriters.
In afternoon trading, shares of Fifth Street Finance fell 54 cents, or 4.6 percent, to $11.21
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