Daily News: January 3, 2013

Prospect Capital Provides $30MM to Support Spartan Energy Recap


Prospect Capital announced it has provided a $30 million first lien senior secured loan to support the recapitalization of Spartan Energy Services, a provider of thru tubing and flow control services to oil and gas companies operating throughout the U.S.

The recapitalization was completed by Harren Equity Partners in partnership with Spartan’s management team and employees.

“Prospect is pleased to provide the entire senior secured term loan in support of Spartan, a financially strong company that is well positioned to take advantage of the strong growth in developing shale plays across the United States,” said David Belzer, a managing director of Prospect Capital Management.

Lafayette, LA-based Spartan provides oil and gas services through its two subsidiaries, Spartan Thru Tubing Services and Spartan Flow Control Services.

“Prospect’s responsiveness, domain expertise, and structuring flexibility, coupled with its access to capital, provided the certainty of execution that we needed in order to close this acquisition on a tight year-end timeline,” said Jonathan Earnhardt, a partner of Harren.