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Prospect Capital Corporation Extends and Increases Revolving Credit Facility to Over $2.1 Billion of Aggregate Commitments
Globe Newswire 7-Oct-2024 10:28 AM
NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) ("Prospect") extended and increased total commitments for its revolving credit facility (the "Facility") for Prospect Capital Funding LLC, a GAAP consolidated subsidiary of Prospect, with the most recent upsize in the quarter ended September 30, 2024.
Facility commitments currently aggregate $2.1215 billion from a group of 48 banks (with a combined asset base of over $7.5 trillion), which Prospect considers the largest number of lenders to any business development company's credit facility. The Facility includes an accordion feature allowing aggregate commitments to be increased up to $2.25 billion.
The Facility term comprises five years from the initial closing, with a maturity of June 28, 2029. The Facility has a revolving period of four years from the initial closing, extending through June 28, 2028 and followed by an additional one-year amortization period.
"Prospect Capital is pleased to have the longstanding support of so many strong relationship banks, some of which date all the way back to 2009 with our credit relationship," said Grier Eliasek, President and Chief Operating Officer of Prospect. "We look forward to continuing such relationships for many years to come, with our industry leading facility providing Prospect with efficient capital to help meet the investment and financing needs of our business and portfolio companies."
About Prospect Capital Corporation
Prospect 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. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
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.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
