NEW YORK, NY--(Marketwire - Aug 6, 2012) - Prospect Capital Corporation (
New Century is a specialized motor carrier that combines the high revenue yield characteristics of a less-than-truckload carrier with the operating flexibility and low fixed costs of a service-sensitive truckload carrier. NCT executes its unique business model through its Load-to-Deliver System for less-than-truckload shipments. New Century offers to its customers a full range of over-the-road transportation solutions, including customized, time-definite, dedicated, and specialized truckload and less-than-truckload services. NCT's specialized services include the transportation of temperature-controlled and hazardous freight. New Century is based in Westampton, New Jersey.
"Prospect's responsiveness and structuring flexibility, coupled with its access to capital, provided the certainty of execution that we needed in order to close this refinancing on a tight timeline," said Seth Wilson, a Managing Director of JCP.
"We are very pleased to have Prospect Capital as one of our new financial providers," said Brian Fitzpatrick, Chief Financial Officer of New Century. "We look forward to working with Prospect as we continue executing on our growth plans."
"Prospect has delivered 100% of the secured subordinated capital in support of the NCT refinancing, resulting in a financially strong company that is well positioned for the future," said Richard Carratu, a Managing Director of Prospect Capital Management.
Prospect has closed approximately $1.1 billion of originations to date in the current 2012 calendar year. Prospect's advanced investment pipeline aggregates more than $300 million of potential opportunities.
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 statements. 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.