SOURCE: Prospect Capital Corporation
NEW YORK, NY--(Marketwire - Jan 8, 2013) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided $70 million of debt financing for the acquisition of Thomson Reuters Property Tax Services ("PTS") by Ryan, LLC ("Ryan" or the "Firm").
With a history together with predecessors dating back to 1991, Ryan is a leading global tax services firm headquartered in Dallas, Texas. Ryan has the largest indirect tax practice in North America and the sixth largest corporate tax practice in the United States. The Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis. Ryan's team of more than 1,600 professionals and associates serves over 6,500 clients in 40 countries, including many of the world's most prominent Fortune 500 companies.
PTS deploys a full team of experienced consultants for commercial real estate, complex property, personal property compliance, and unclaimed property that provides advisory and outsourcing services to clients looking to optimize property tax credits and reduce their property tax liabilities. PTS holds a global leadership position in property tax compliance and commercial real estate services.
The combined company will have a broad geographic presence with 70 offices in the U.S., Canada, the Netherlands, the U.K., Australia, Singapore, and India.
"This acquisition, supported by the hard-working financing team at Prospect, launches a new phase of growth for our firm and the seasoned professionals of PTS who will play a key role in our future success," said G. Brint Ryan, Chairman and CEO of Ryan. "As we continue to experience strong growth, all of us remain committed to providing our clients world-class service and superior results."
"We are impressed with the Ryan management team's successful track record over a more than 20-year history," said Richard Carratu, a Managing Director of Prospect Capital Management LLC. "Prospect's acquisition financing both supports Ryan and demonstrates Prospect's ability to provide value to strategic buyers while generating a compelling yield for our shareholders."
Ryan is an award-winning global tax services firm, with the largest indirect tax practice in North America and the sixth largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a two-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,600 professionals and associates serves over 6,500 clients in 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.
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 any forward-looking 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.