NEW YORK, NY--(Marketwired - Apr 1, 2014) - Prospect Capital Corporation (
Based in Allentown, Pennsylvania, Harbortouch is a leading provider of transaction processing services and point-of-sale ("POS") equipment used by tens of thousands of merchants across the United States. Harbortouch's full suite of solutions allows merchants to accept and process transactions made by credit, debit, prepaid, gift, and loyalty cards through traditional credit card terminals, electronic cash registers, mobile payment devices, and the company's proprietary touch-screen POS systems.
"This transaction represents a key milestone in our company's history with respect to building our scale and brand," said Isaacman. "This is the second transaction we have closed with Prospect. Prospect's responsiveness and ability to work creatively were critical to a successful closing."
"Jared and his team have built an impressive track record in the payments industry, and we are pleased to back them in the next chapter of Harbortouch's growth," said Jim Clippard, a Vice President of Prospect Capital Management LLC. "We have been so impressed with the performance of our previous Harbortouch investment that we wanted to have a greater ownership in the business to help propel the company to new heights."
Prospect closed approximately $2.7 billion of new originations during calendar year 2013. Currently with over $6 billion of capital under management, Prospect during the March 2014 quarter closed over $1.3 billion of originations, a record amount, with further origination activity expected in 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.