NEW YORK, NY--(Marketwired - Sep 20, 2013) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that it has recapitalized Mity Enterprises, Inc. ("Mity" or the "Company") with $48.0 million of combined senior secured floating rate debt and equity.
Mity designs, manufactures, and sells a full suite of multipurpose room furniture and specialty healthcare seating products. The Company was founded in 1987 and is based in Orem, Utah. Mity has two operating units, Mity-Lite and Broda, which are located in Orem, Utah, and Kitchener, Ontario, respectively. Mity-Lite is a well-established, leading manufacturer of branded, lightweight, durable chairs and tables sold primarily by Mity's direct sales force to the hospitality, education, public assembly, government, and office end markets. Broda produces a line of branded, premium specialty chairs for disabled individuals. Broda sells such chairs to long-term care facilities and other customers in the healthcare market. As a result of this recapitalization, Prospect is a senior lender to Mity, and Prospect has acquired a controlling equity interest in Mity.
"We are excited to work with Prospect as we continue building industry-leading products for an expanding base of long-term customers," said John Dudash, CEO of Mity. "We look forward to benefiting from Prospect's substantial resources as we grow Mity-Lite and Broda."
"We look forward to supporting Mity's impressive management team, which has co-invested in the recapitalization," said Bart J. de Bie, a Managing Director of Prospect Capital Management LLC. "Our investment demonstrates Prospect's ability to make one-stop combined debt and equity investments as one of Prospect's strategies to drive yield and total return for our shareholders."
Prospect has closed approximately $2.1 billion of originations to date in the 2013 calendar year. Prospect closed more than $3.0 billion of originations in the twelve months ended June 30, 2013.