Daily News: August 16, 2013

Prospect Capital Increases Revolving Credit Facility

Business development company Prospect Capital said it has increased total commitments to its five-year $650 million revolving credit facility by $15 million to $567.5 million in the aggregate.

The facility includes an accordion feature that allows Prospect to accept up to an aggregate of $650 million of revolving commitments, a target Prospect expects to reach with additional and existing lenders. The $15.0 million commitment comes from a new lender, bringing the total number of lenders to eighteen, more lenders than any other BDC revolving credit facility. The Facility has an investment grade Moody’s rating of Aa3.

“The addition of the new lender demonstrates a continued interest in the Facility within the lender community,” said Brian Oswald, chief financial officer of Prospect. “We continue to identify potential new participants for the Facility and look forward to increasing the commitments to our $650 million target.”