SOURCE: Prospect Capital Corporation
NEW YORK, NY--(Marketwired - Mar 31, 2014) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided $28.5 million of first-lien floating-rate debt to support the investment in Global Employment Solutions, Inc. ("GES") by TZP Group, LLC ("TZP").
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 attractive 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.
"We had an outstanding experience working with Prospect," said Vlad Gutin, a Partner at TZP.
"We selected Prospect based on the firm's speed, constructive approach, and industry knowledge from prior financings," said Harris Newman, a Managing Director at TZP. "We are very pleased with our decision."
"GES has delivered robust revenue growth and maintains an attractive market position in the growing IT and professional staffing markets," said Ben Harris, a Vice President of Prospect Capital Management LLC. "The accelerated timeframe to complete this transaction demonstrates how Prospect differentiates itself through responsive service and flexible structuring solutions to our private equity firm relationships."
Prospect closed approximately $2.7 billion of new originations during calendar year 2013. Prospect has closed over $738 million of originations during the current March 2014 quarter, with further origination activity expected in the current quarter and the coming weeks.
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.