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Prospect Capital Invests $65MM in First Lien Debt Issued by Universal Turbine Parts

July 29, 2016, 07:43 AM
Filed Under: Suppliers

Prospect Capital Corporation announced that Prospect has invested $65 million in first lien senior secured floating rate debt issued by Universal Turbine Parts, LLC (“UTP”) in conjunction with the acquisition of UTP led by ICV Partners, a middle-market private equity firm.

Founded in 1993 and headquartered in Prattville, AL, UTP is an independent supplier of aftermarket turboprop engines and parts to over 1,200 maintenance repair and overhaul facilities, aircraft fleet operators, and engine parts dealers worldwide. UTP maintains one of the industry’s largest inventories of fully certified and traceable used serviceable parts for Pratt & Whitney PT6 and PW100 engines, which power more than 14,000 aircraft worldwide in commercial and military use.

“Prospect displayed significant creativity and expertise throughout the diligence and documentation process,” said Cory Mims, a Managing Director of ICV Partners. “Prospect is a trusted lending relationship with post-closing capabilities to support future growth.”

“We believe UTP offers a valuable service to its customers by providing real time access to an expansive inventory of hard-to-find parts with expedited service,” said David Moszer, a Managing Director of Prospect Capital Management L.P. “The refurbished parts and engines supplied by UTP provide an attractive economic solution to meet recurring engine overhaul demands.”

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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