Prospect Capital funded total commitments of $202 million, comprised of a $49 million first lien senior secured floating rate term loan and a $153 million second lien senior secured floating rate term loan, to support the refinancing of PGX Holdings (Progrexion), a portfolio company of H.I.G. Capital.
Progrexion is a provider of consumer credit repair services in the U.S., providing credit repair solutions directly to consumers and as a technology and services provider through a third party. Progrexion’s technology and services help consumers understand their credit report information, verify its fairness and accuracy and correct inaccuracies with individual creditors, data providers and national credit bureaus.
“This transaction marks the 12th financing for Progrexion since H.I.G.’s acquisition in 2010,” Elliot Maluth, managing director of H.I.G. Capital, said. “We are once again pleased to engage with the Prospect team, which brought to bear both its $200 million hold capability as well as its diligent approach to provide a creative and flexible financing solution.”
“For the past 21 years, Progrexion has led the market in helping consumer clients fix errors in their credit reports as well as in maintaining the health of client credit reports,” Jason Wilson, a managing director at Prospect Capital Management, said. “I have personal and direct experience with Progrexion’s services that assisted in the removal of multiple erroneous items from my credit report, thereby enabling me to secure significantly lower rates on mortgage refinancings as well as auto and home insurance. Our team at Prospect especially appreciates investment opportunities where we can directly verify a company’s strong value proposition for ourselves.”
