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Prospect Capital Provides First Lien Financing to Support Primesport Acquisition

February 23, 2015, 08:03 AM
Filed Under: Entertainment

Prospect Capital Corporation announced that Prospect recently provided a first lien senior secured floating rate loan facility to support the acquisition of PrimeSport, Inc. (“PrimeSport”) by investment funds led by The Carlyle Group (“Carlyle”).

PrimeSport is a leading global sports, travel, and event management company that offers tickets, corporate and fan travel packages, and hospitality events for corporations, professional sports teams, and fans. For over 20 years, the PrimeSport team has developed trusted, long-term official partnerships with teams and events that give PrimeSport’s customers access to the most sought after sporting events, including the NCAA Final Four, College Football Playoff, U.S. Open, Daytona 500, and many other events. Joining Carlyle in its investment in PrimeSport are RSE Ventures and Moorad Sports Partners LLC, a company founded by Jeff Moorad, former CEO and partial owner of the Arizona Diamondbacks and San Diego Padres. Clearlake Capital Group, L.P. (“Clearlake”) and management retained significant equity stakes in PrimeSport.

“Carlyle selected Prospect based on its ability to provide committed capital to finance our acquisition of PrimeSport on an accelerated basis due to Prospect's thorough knowledge of PrimeSport and its industry,” said David Stonehill, a Managing Director of Carlyle.

“Prospect is pleased to complete this important transaction with Carlyle,” said Jason Wilson, a Managing Director of Prospect Capital Management L.P. “We look forward to continued strong performance at PrimeSport, a company with a compelling value proposition for professional and collegiate sports leagues, teams, and fans involved in many of the biggest sporting events in the world.”

Prospect closed nearly $3.2 billion of new originations during calendar year 2014, with further origination activity expected in the current quarter.

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