Prospect Capital Provides $75 Million of Floating-Rate Senior-Secured Financing for Recapitalization of American Broadband Communications
NEW YORK, NY--(Marketwired - Sep 12, 2013) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided a $75 million floating-rate senior-secured term loan to support the recapitalization of American Broadband Communications, LLC ("ABB").
Based in Matthews, North Carolina, ABB is a leading provider of voice, video, and high-speed internet services in rural markets in Alaska, the Southcentral United States, and the Midwestern United States.
"Prospect's agility and responsiveness, coupled with a thorough understanding of our company and industry, provided the certainty of execution that we needed in order to close this important recapitalization," said Jane Eudy, President and CEO of ABB.
"Prospect is pleased to have structured and closed this complex recapitalization of ABB, a well-managed wireline telecommunications provider with a strong competitive position in its markets," said Christopher Johnson, a Managing Director of Prospect Capital Management LLC.
Prospect has closed approximately $2.0 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.
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. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are 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. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our 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 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.
