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Prospect Capital Announces Completion of Accordion Feature for Revolver

December 09, 2013, 07:10 AM
Filed Under: Lender Finance

Prospect Capital Corporation announced that Prospect has increased total commitments to its five-year $650 million revolving credit facility (the "Facility") by $62.5 million to the target of $650 million, filling the accordion feature of the facility.

The $62.5 million commitment comes from one new lender and one existing lender, bringing the total number of lenders to 21, more lenders than to any other business development company ("BDC") revolving credit facility. The Facility has an investment grade Moody's rating of Aa3.

"The completion of the accordion commitment target and addition of a new lender demonstrate continued interest in the Facility among our existing lenders and in the lender community as a whole," said Brian Oswald, Chief Financial Officer of Prospect. "As our balance sheet continues to expand, we may explore a further upsizing of our Facility given its efficient funding cost among our debt issuance options."

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

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