Prospect Capital Makes Additional Secured Term C Debt Investment in Unitek
| Source: Prospect Capital Corporation
NEW YORK, NY--(Marketwire - March 10, 2008) - Prospect Capital Corporation (NASDAQ : PSEC )
("Prospect") announced today that it has made an additional secured Term C
debt investment of approximately $6.5 million in Unitek Acquisition, Inc.
("Unitek"), a leading provider of outsourced technical services based in
Blue Bell, Pennsylvania. Prospect now has extended in the aggregate $11.5
million of debt capital to Unitek.
Unitek provides installation, maintenance, repair, construction, and other
technical services to customers in the satellite television,
telecommunications, broadband cable, and cellular industries. Unitek's CEO,
Scott Hisey, has more than 18 years of industry experience and was
previously the chief operating officer of another communications services
company.
Prospect's debt supports the equity investment of HM Capital Partners, L.P.
("HM"), an affiliate of the $1.6 billion Dallas-based private equity
sponsor previously known as Hicks, Muse, Tate & Furst, Inc.
"We are pleased with Unitek's continued growth, and greatly value the
relationship with HM Capital, a top-tier private equity sponsor," said
Gautam Shirhattikar, a Vice President with Prospect Capital Management.
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. Prospect Capital's investment objective is to generate both
current income and capital appreciation through debt and equity
investments.
Prospect Capital has 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 laws 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 Prospect Capital could have a material adverse
effect on Prospect Capital and its shareholders.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any such
statements, other than statements of historical fact, are likely to be
affected by other unknowable future events and conditions, including
elements of the future that are or are not under the Company's control, and
that the Company 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 the Company undertakes
no obligation to update any such statement now or in the future.