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Fifth Street Finance (FSC -3.5%) trades lower after pricing a public offering of 13.5M shares at...

Fifth Street Finance (FSC -3.5%) trades lower after pricing a public offering of 13.5M shares at a discount to Wednesday's close. The company will use the proceeds to repay debt but notes it will likely "re-borrow under its credit facilities to make investments." SA Pro contributor Daniel Moore warns that FSC may be reaching for yield causing the quality of its credit portfolio to decline and says "there is no visible sustainable rationale" for the shares to trade at a premium to NAV. 
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