Daily News: September 9, 2013

Prospect Capital Provides Financing to Payments Processor

Prospect Capital announced that it provided a $50 million floating-rate senior-secured term loan to a leading payments processor.

“This transaction demonstrates our ability to originate, structure, diligence and close non-sponsored transactions just as well as sponsored opportunities,” said Jim Clippard, a vice president of Prospect Capital Management.

Separately, Prospect announced that it provided additional floating-rate senior-secured financing to support the acquisition of Joulé Inc. by System One Holdings, controlled by MidOcean Partners, to create a leading provider of professional staffing services.

“Prospect’s willingness to support the growth of System One with acquisition capital to fund this add-on transaction again demonstrates Prospect’s responsiveness, flexibility and deep balance sheet,” said Elias Dokas, a Principal of MidOcean.

“We are delighted to support MidOcean again by providing additional capital to support the acquisition of Joulé, which further enhances the scale and diversity of System One’s business,” said Jason Wilson, a managing director of Prospect Capital Management.

Payments Processor is a provider of transaction processing services and point-of-sale equipment used by tens of thousands of merchants across the United States.