Daily News: April 3, 2013

Prospect Capital Provides Debt Financing to Broder Bros.


Prospect Capital Corporation announced that it provided $100 million of senior secured debt financing to support the recapitalization of Broder Bros.

Founded in 1919 Trevose, Pa-based Broder is a distributor of imprintable activewear. Broder operates the largest distribution network in the industry, with eight distribution facilities providing imprintable T-shirts, fleece, sport shirts and other imprintable “soft goods” to approximately 100,000 customers. Littlejohn & Co, a middle-market private equity firm, is Broder’s largest stockholder.

“Prospect impressed us with its diligent and efficient underwriting process, helping to recapitalize Broder to position the company for long-term success,” said David Simon, a managing director of Littlejohn.

“With our scale team, one of the largest and most experienced in the middle-market, coupled with our deep credit expertise, we are pleased with completing the Broder transaction to support Littlejohn and Broder’s experienced management team,” said Richard Carratu, a managing director of Prospect Capital Management.

Prospect Capital is a closed-end investment company that lends to and invests in private and microcap public businesses.