Daily News: July 31, 2012

Prospect Provides $85MM for H.I.G.’s Arctic Glacier Acquisition

Prospect Capital Corporation announced that it has provided an $85 million senior subordinated loan to support the acquisition of substantially all the assets of Arctic Glacier Income Fund by funds affiliated with H.I.G. Capital. The new company, Arctic Glacier Holdings, Inc., will continue to conduct business under the “Arctic Glacier” name and be a producer, marketer and distributor of high-quality packaged ice to consumers in Canada and the United States.

Based in Winnipeg, Canada, Arctic Glacier is a producer of packaged ice in Canada and the second largest producer of packaged ice in the U.S., primarily under the brand name of Arctic Glacier(R) Premium Ice. Arctic Glacier operates 39 production plants and 47 distribution facilities across Canada and the northeast, central and western United States, servicing more than 75,000 retail locations.

“Prospect’s responsiveness and deep balance sheet provided the certainty of execution that we needed in order to close this important transaction on a tight timeline,” said Bret Weiner, a managing director of H.I.G.

“Prospect is pleased to provide 100% of the senior subordinated capital in support of the Arctic acquisition, resulting in a financially strong company that is well positioned for growth,” said Jason Wilson, a managing director of Prospect Capital Management.

Prospect has closed approximately $900 million of originations to date in the current 2012 calendar year. Prospect’s advanced investment pipeline aggregates more than $350 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:

H.I.G. Capital Acquires Assets of Arctic Glacier Income Fund, Monday, July 30, 2012