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Prospect Capital Provides $150MM to Support Arctic Glacier Recapitalization

May 14, 2013, 07:46 AM
Filed Under: Specialty Industries

Prospect Capital Corporation provided a $150 million senior secured term loan to support the recapitalization of Arctic Glacier, Inc., a leading producer, marketer, and distributor of high-quality packaged ice to consumers in the United States and Canada.

Controlled by H.I.G Capital,  Arctic Glacier is the largest producer of packaged ice in Canada and the second largest producer of packaged ice in the United States, primarily under the brand name of Arctic Glacier Premium Ice. Arctic Glacier operates 39 production plants and 47 distribution facilities across Canada and the northeast, central and western United States, servicing more than 75,000 retail locations.

"Prospect's responsiveness and large balance sheet provided Arctic with certainty of execution around the entire $150 million senior secured second lien tranche, allowing us to reduce market risk and thereby providing us with an attractive alternative to the syndicated capital markets for this portion of the capital structure," said Bret Wiener, a Managing Director of H.I.G.

"Prospect is pleased to provide 100% of the senior secured second lien capital in support of Arctic's recapitalization, further positioning the company to pursue accretive acquisitions and attractive organic growth initiatives," said Jason Wilson, a Managing Director of Prospect Capital Management LLC. "This is another demonstrated example of Prospect's ability to lead significant-sized transactions for middle-market and larger companies, thereby competing effectively with syndicated debt markets and providing more debt capital options for companies as they grow and mature over time."

Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses.

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