Business & Finance
Wed, July 8, 2009Tue, July 7, 2009Mon, July 6, 2009Sun, July 5, 2009Fri, July 3, 2009Thu, July 2, 2009Wed, July 1, 2009Tue, June 30, 2009Mon, June 29, 2009Sun, June 28, 2009Fri, June 26, 2009Thu, June 25, 2009Wed, June 24, 2009Tue, June 23, 2009Mon, June 22, 2009Sun, June 21, 2009Fri, June 19, 2009Thu, June 18, 2009Wed, June 17, 2009Tue, June 16, 2009Mon, June 15, 2009Prospect Capital Corporation: Prospect Capital Announces First Closing on Expanded $250 Million Revolving Credit Facility
Published in Business and Finance on Thursday, June 25th 2009 at 13:34 GMT, Last Modified on 2009-06-25 13:35:37 by Market Wire
NEW YORK, NY--(Marketwire - June 25, 2009) - Prospect Capital Corporation (
The new Facility, for which lenders have closed on $175 million to date, includes an accordion feature which allows the Facility to accept up to an aggregate total of $250 million of commitments, a "hard cap" Prospect expects to reach with additional lenders. The revolving period of the Facility extends through June 2010, with an additional one year amortization period after the completion of the revolving period. The maturity date of the Facility is June 2020. Pricing for the Facility is one-month Libor plus 4%, subject to a minimum Libor floor of 2%. The Facility has an investment grade Moody's rating of A2.
"With $75 million of net participations available before we hit our 'hard cap,' we are hopeful that we can include each of the additional banks now moving through their committees to close, even if we cannot assure every bank the amount of participation it might desire in this investment grade facility," said John Barry, Chairman and Chief Executive Officer of Prospect.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation ([ www.prospectstreet.com ]) is a closed-end investment company that lends to and invests in private and microcap public businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
