Daily News: August 7, 2012

Prospect Provides $44 Million to Support New Century Refinancing

Prospect Capital Corporation announced that it has provided a $44 million secured subordinated loan to support the refinancing of New Century Transportation, Inc. (NCT), a transportation and logistics company. NCT is a portfolio company of Jefferies Capital Partners LLC (JCP).

New Century is a specialized motor carrier that combines the high revenue yield characteristics of a less-than-truckload carrier with the operating flexibility and low fixed costs of a service-sensitive truckload carrier.

“Prospect’s responsiveness and structuring flexibility, coupled with its access to capital, provided the certainty of execution that we needed in order to close this refinancing on a tight timeline,” said Seth Wilson, a managing director of JCP.

“We are very pleased to have Prospect Capital as one of our new financial providers,” said Brian Fitzpatrick, CFO of New Century. “We look forward to working with Prospect as we continue executing on our growth plans.”

“Prospect has delivered 100% of the secured subordinated capital in support of the NCT refinancing, resulting in a financially strong company that is well positioned for the future,” said Richard Carratu, a managing director of Prospect Capital Management.

Prospect has closed approximately $1.1 billion of originations to date in the current 2012 calendar year. Prospect’s advanced investment pipeline aggregates more than $300 million of potential opportunities.

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

Previously on abfjournal.com:

Capital One, Prospect Capital Close New Century Refi, Monday, August 06, 2012