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Prospect Capital Increases Credit Facility Commitments to $885MM

January 20, 2015, 07:52 AM
Filed Under: Investment Financing

Prospect Capital Corporation announced it has increased total commitments to its recently renewed 5.5-year $1.5 billion revolving credit facility by $75 million to $885 million in the aggregate.

The facility was extended to March 2020 and pricing was reduced to Libor plus 2.25% in September 2014. The facility includes an accordion feature that allows Prospect to accept up to an aggregate of $1.5 billion of revolving commitments. The $75 million commitment comes from a new lender, increasing the number of lenders in the facility to 22. The facility has an investment grade Moody's rating of Aa3.

"The addition of a large money center bank demonstrates continued support of the Facility within the bank community," said Nishil Mehta, head of Capital Markets of Prospect.

Prospect Capital Corporation is a business development company that focuses on lending to and investing in private businesses. Prospect's investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

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