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Prospect Capital Increases Revolving Credit Facility Commitments to $877.5MM

July 25, 2014, 07:08 AM
Filed Under: Industry News

Prospect Capital Corporation announced that Prospect has increased total commitments to its five-year $1.0 billion revolving credit facility (the "Facility") by $10.0 million to $877.5 million in the aggregate.

The facility includes an accordion feature that allows Prospect to accept up to an aggregate of $1.0 billion of revolving commitments. The $10.0 million commitment comes from a new lender. The total number of lenders in the facility is 29, more lenders than in any other business development company revolving credit facility. The facility has an investment grade Moody's rating of Aa3.

"The addition of a new lending institution demonstrates continued support of the Facility within the bank community," said Steven Stone, Chief Credit Officer of Prospect.

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

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