SOURCE: Prospect Capital Corporation

Prospect Capital Corporation

July 01, 2015 07:00 ET

Prospect Capital Provides $21.4 Million of First Lien Senior Secured Floating Rate Debt to Global Employment Solutions

NEW YORK, NY--(Marketwired - Jul 1, 2015) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect in the June 2015 quarter provided Global Employment Solutions, Inc. ("GES"), an existing portfolio company of Prospect, with an incremental $21.4 million of first lien senior secured floating rate debt to support the acquisition of Information Technology Engineering Corporation ("ITEC").

Headquartered in Littleton, Colorado, GES is one of the fastest-growing providers of specialty staffing solutions in North America, offering contract and permanent placement staffing services, with a strategic focus on the information technology ("IT") segment. GES operates under two nationwide brands: Global Employment Solutions, which provides professional contract staffing and permanent placement services, and Fahrenheit IT, which provides IT contract and permanent placement staffing solutions.

Founded in 1999 and headquartered in Aurora, Colorado, ITEC is a market leader in delivering cost-effective and individually-tailored technical staffing solutions. As a member of the National Association of Government Contractors, ITEC specializes in providing technical support and solutions for mission-critical engineering, communications, software, and systems development applications.

"Prospect provided the additional capital necessary to fund the complementary business combination of GES and ITEC, which we believe is a best in class staffing firm," said Jason Wilson, a Managing Director of Prospect Capital Management L.P. "The combination represents an opportunity for both companies to better serve customers and employees."

Prospect closed approximately $2.0 billion of new originations for the twelve months ended June 30, 2015.

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.