NEW YORK, NY--(Marketwire,Mar 22, 2013) - Prospect Capital Corporation ( NASDAQ : PSEC ) ("Prospect") announced today that Prospect recently provided a $200 million first-lien senior secured credit facility to support the refinancing of a logistics services portfolio company controlled by H.I.G. Capital ("H.I.G.").
The H.I.G. portfolio company is a leading provider of third-party logistics (3PL) services. The $200 million financing provided by Prospect marks the third consecutive time in the last two years that Prospect has supported H.I.G.'s efforts, positioning the company for continued growth and long-term success.
"Prospect is a constructive and reliable financing relationship," said Jeff Zanarini, a Managing Director of H.I.G. "Prospect provided a compelling alternative to the syndicated capital markets and allowed us to consummate an attractive refinancing on a highly expedited basis."
"Since investing in this logistics services company, Prospect has seen the company grow its leadership position as a provider of 3PL services to distribution center operators," said Jason Wilson, a Managing Director of Prospect Capital Management LLC. "This transaction shows Prospect can lead significant-sized transactions for middle-market and larger companies, competing effectively with syndicated debt markets and providing more debt capital options for our private equity sponsor and other relationships."
Prospect has closed nearly $700 million of new originations during the current March 2013 quarter, bringing trailing-twelve-month originations to nearly $2.8 billion.
Hmmm, the article from two days ago said, "Prospect has closed nearly $700 million of new originations during the current March 2013 quarter, bringing trailing-twelve-month originations to nearly $2.8 billion." You would think that with a new $200 million deal the total would be nearly $900 million.
my thoughts exactly a week ago they said they hit 700 maybe they were counting this one but not sure. regardless it has been a big quarter. business is picking up. one more quarter like this one and they will be doing another SPO.