SOURCE: Prospect Capital Corporation
NEW YORK, NY--(Marketwired - Jun 2, 2014) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided a $65 million first-lien floating-rate credit facility to support the recapitalization of Fleetwash, Inc. and affiliates ("Fleetwash") by DFW Capital Partners ("DFW Capital") and Fleetwash's senior management team.
Founded in 1972 and headquartered in Fairfield, New Jersey, Fleetwash is the leading national provider of mobile vehicle fleet and mobile facility cleaning services.
"This is our second transaction with Prospect, and we enjoyed working with the Prospect team on the Fleetwash opportunity," said Keith Pennell, Managing Partner at DFW Capital. "Prospect provided a responsive and thoughtful financing package well-tailored to the unique needs of the business, which was a valuable contribution to the success of this transaction."
"Fleetwash brings a long history of providing strong customer service and presents an attractive investment opportunity for DFW Capital and Prospect," said Seth Tutlis, a Vice President of Prospect Capital Management LLC. "We are delighted to support DFW Capital and the Fleetwash team, and we look forward to continuing to build the relationship."
Currently with over $7 billion of capital under management, Prospect closed approximately $3.3 billion of new originations during the year ended March 31, 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.