SOURCE: Prospect Capital Corporation

Prospect Capital Corporation

April 09, 2014 07:00 ET

Prospect Capital Provides $54 Million Senior Credit Facility to Support the Recapitalization of Ark-La-Tex Wireline Services

NEW YORK, NY--(Marketwired - Apr 9, 2014) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has funded a $54 million senior credit facility to support the recapitalization of Ark-La-Tex Wireline Services, LLC and affiliates ("AWS") by Harren Equity Partners ("Harren") in concert with AWS's senior management team.

Founded in 2005 and headquartered in Shreveport, Louisiana, AWS is a leading provider of cased hole wireline and related completion-stage services in connection with oil and gas production.

"We are delighted to work on another transaction with Prospect," said Jonathan Earnhardt, a Partner at Harren. "Prospect's responsiveness and creativity were integral to the success of this transaction, and we look forward to continuing our strong relationship with the Prospect team."

"AWS's impressive growth profile, experienced management team, and repeat customer relationships make the company a great fit for Harren, an experienced investor in the energy services sector," said David Belzer, a Managing Director of Prospect Capital Management LLC. "We are excited to support Harren as AWS continues on a strong growth trajectory."

Currently with over $7 billion of capital under management, Prospect closed approximately $3.3 billion of new originations during the year ended March 2014.

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.