Prospect Increases Revolver Commitments to $885MM
Prospect Capital announced it increased total commitments to its recently renewed 5.5-year, $1.5 billion revolver by $75 million to $885 million in the aggregate.
The facility was extended to March 2020 and pricing was reduced to Libor plus 2.25% in September 2014. The facility includes an accordion feature that allows Prospect to accept up to an aggregate of $1.5 billion of revolving commitments. The $75 million commitment comes from a new lender, increasing the number of lenders in the facility to 22. The facility has an investment grade Moody’s rating of Aa3.
“The addition of a large money center bank demonstrates continued support of the Facility within the bank community,” said Nishil Mehta, head of Capital Markets of Prospect.