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Originally published Friday, January 22, 2010 at 8:46 AM

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Fifth Street Finance prices $78.4M stock offering

Fifth Street Finance Corp. on Friday priced a public stock offering of 7 million shares at $11.20 each.

The Associated Press

WHITE PLAINS, N.Y. —

Fifth Street Finance Corp. on Friday priced a public stock offering of 7 million shares at $11.20 each.

The offering would gross $78.4 million for Fifth Street, which lends to and invests in small and mid-size businesses. Underwriters have an option to purchase an additional 1.05 million shares.

About $38 million of the net proceeds will be used to repay debt, the company said in a release. 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. Other underwriters include Janney Montgomery Scott LLC, Morgan Keegan & Co., Macquarie Capital (USA) Inc., Gilford Securities Inc. and ING.

In morning trading, shares of Fifth Street Finance fell 51 cents, or 4.3 percent, to $11.23.

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