NEW YORK, NY--(Marketwired - Feb 20, 2014) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided $17 million of secured floating rate financing to support the acquisition of Keane by Lovell Minnick Partners ("Lovell Minnick").
Led by an experienced team of industry executives, Keane provides unclaimed property services to many of the nation's largest financial institutions, including transfer agents, mutual funds, banks, brokerages, and insurance companies. Keane's services include locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting, and other unclaimed property compliance-related services. Keane employs more than 200 people in its New York City headquarters, main operating facility in King of Prussia, PA, and various satellite offices.
"We are pleased to work on our inaugural transaction with Prospect," said Bob Belke, a Managing Director of Lovell Minnick. "We appreciate Prospect's creativity, agility, and responsiveness with this transaction, which helps position Keane for continued growth."
"We are impressed with Keane's demonstrated success in the unclaimed property recovery business," said Richard Carratu, a Managing Director of Prospect Capital Management LLC. "We look forward to expanding our relationship with Lovell Minnick with future investment opportunities."
Prospect closed approximately $2.7 billion of new originations during calendar year 2013. Prospect has closed nearly $300 million of originations during the current March 2014 quarter, with further origination activity expected in the coming months.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Prospect's investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. Prospect has 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 could have an adverse effect on Prospect and its 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 Prospect's control, and that Prospect 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 any forward-looking statements. Such statements speak only as of the time when made, and Prospect undertakes no obligation to update any such statement now or in the future.