Daily News: August 19, 2014

Prospect Secured Debt Supports H.I.G. Company Recapitalization

Prospect Capital announced it provided a $210 million first lien senior secured credit facility to support the recapitalization of a leading food services company in the H.I.G. Capital portfolio.

“Prospect’s one-stop financing provides an attractive alternative for our investment strategy,” said Jeff Zanarini, a managing director of H.I.G. “In this case, a creative approach and accelerated time table convinced us to select Prospect over the syndicated capital markets.”

“We are pleased to provide financing to H.I.G. for this industry leading company,” said Jason Wilson, a managing director of Prospect Capital Management. “This transaction further demonstrates Prospect’s ability to lead, agent, and hold significantly sized transactions. Prospect’s focus on middle-market and larger companies enables Prospect to compete with syndicated debt markets and to provide creative capital financing to our private equity sponsor and other relationships.”

The $210 million financing provided by Prospect marks the ninth time in the last two years that Prospect has invested over $100 million in a single transaction. Prospect has closed approximately $2 billion of new originations so far in calendar year 2014.