Daily News: April 2, 2015

Prospect Provides IWCO Financing Commitment

Prospect Capital provided IWCO Direct, an existing portfolio company of Prospect, with a commitment for up to an additional $74.7 million of first-lien floating-rate debt to support a recapitalization of the business. Prospect’s commitment is comprised of $58.7 million in the form of an add-on to the existing funded term loan and up to $16.0 million of additional debt in the form of a delayed draw term loan.

Founded in 1969, IWCO Direct is a leading provider of direct marketing solutions to leading direct marketers for acquisition and loyalty programs in the U.S.

“After witnessing budget-beating performance by IWCO Direct, Prospect and Court Square developed a win-win structure that rewards shareholders for the results to date and for continued growth,” said Jason Wilson, managing director of Prospect Capital Management LP. “IWCO Direct continues to impress us with its customer-centric, ROI-driven marketing solutions as well as its scale, scope, and technological sophistication of operations that remain without peer in the direct marketing sector.”

Prospect closed nearly $3.2 billion of new originations during calendar year 2014.