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Prospect Capital Provides $54MM Credit Facility to Support Ark-La-Tex Wireline Recapitalization

April 09, 2014, 07:14 AM
Filed Under: Energy Services

Prospect Capital Corporation announced today that Prospect has funded a $54 million senior credit facility to support the recapitalization of Ark-La-Tex Wireline Services, LLC and affiliates ("AWS") by Harren Equity Partners ("Harren") in concert with AWS's senior management team.

Founded in 2005 and headquartered in Shreveport, Louisiana, AWS is a leading provider of cased hole wireline and related completion-stage services in connection with oil and gas production.

“We are delighted to work on another transaction with Prospect," said Jonathan Earnhardt, a partner at Harren. "Prospect's responsiveness and creativity were integral to the success of this transaction, and we look forward to continuing our strong relationship with the Prospect team."

“AWS's impressive growth profile, experienced management team, and repeat customer relationships make the company a great fit for Harren, an experienced investor in the energy services sector,” said David Belzer, a Managing Director of Prospect Capital Management LLC. "We are excited to support Harren as AWS continues on a strong growth trajectory."

Currently with over $7 billion of capital under management, Prospect closed approximately $3.3 billion of new originations during the year ended March 2014.

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