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Prospect Capital Provides Financings to Support Two Private Equity Recapitalizations

July 08, 2013, 07:11 AM

Prospect Capital Corporation announced it recently served as sole agent and provider of floating-rate senior-secured financing to support the recapitalization of Traeger Pellet Grills LLC (Traeger) by investment funds managed by Trilantic Capital Partners (Trilantic).

Based in Wilsonville, OR and founded in 1985, Traeger is a leading designer, manufacturer, and marketer of branded wood pellet grills, wood pellets, sauces & spices and grilling accessories. Traeger sells its products through a dealer network, online, and through a direct sales force at selected retailers, trade shows, fairs, rodeos, and other outdoor events. In 2012, Traeger began the rollout of Traeger-branded stores in major shopping malls across the country.

"Prospect spent a significant amount of time understanding Traeger and its industry, allowing Prospect to provide a differentiated and attractive financing package to the company," said Charles Moore, a Partner at Trilantic.

"Prospect has now closed multiple transactions with Trilantic, demonstrating our deep relationships with private equity sponsors," said David Moszer, a Managing Director of Prospect Capital Management LLC. "Because of our expansive balance sheet, Prospect could close the entire term loan for Traeger as the sole lender, and we look forward to supporting the future growth of the company."

Separately, Prospect recently provided floating-rate senior-secured debt as an add-on financing to support the recapitalization of a private equity sponsor-owned company in the consumer services industry.

Prospect has closed more than $1.5 billion of originations to date in the current 2013 calendar year, including nearly $800 million in originations in the June 2013 quarter. Prospect closed more than $3 billion of originations in the twelve months ended June 30, 2013.

Prospect Capital Corporation is a business development company that focuses on lending to and investing in private businesses.

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