SOURCE: Prospect Capital Corporation
NEW YORK, NY--(Marketwired - Mar 10, 2014) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided first-lien senior secured floating rate debt to support the continued growth of Tolt Solutions, Inc. ("Tolt").
Based in Taylors, SC, Tolt is a leading retail-focused information technology services company, providing customized network architecture solutions, installation, deployment, maintenance, and customer support to retailers nationwide. Tolt provides a comprehensive service offering that streamlines a retailer's operations, enhances consumer satisfaction, and increases store productivity, all of which translates into enhanced return on investment for clients. With 39 years of retail sector experience, Tolt is the largest independent North American service provider of point-of-sale, self-service, and wireless mobility solutions to the retail industry.
"We are pleased to have completed our second transaction with Prospect in just the past four months," said Behdad Eghbali, a Partner at Clearlake Capital. "We selected Prospect based on the speed, constructive approach, and certainty of closing that we experienced working with Prospect in our previous financing."
"Tolt's high customer retention rate, robust new business pipeline, and complete business services platform to the retail sector positions Tolt as a leader in the industry," said Jason Wilson, a Managing Director of Prospect Capital Management LLC. "This transaction is another example of the repeat relationships that Prospect develops with its private equity clients through responsive service and flexible capital structure solutions."
Prospect closed approximately $2.7 billion of new originations during calendar year 2013. Prospect has closed nearly $400 million of originations during the current March 2014 quarter, with further origination activity expected in the current quarter and the coming months.
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.