Daily News: June 17, 2015

Prospect Term Debt Supports Capstone Buy

Prospect Capital announced Prospect provided Capstone Logistics, an existing portfolio company of Prospect, with an incremental $37.5 million of floating rate secured term debt to support Capstone’s acquisition of Pinnacle Workforce Logistics. Prospect holds Capstone’s entire senior second lien facility, which totals approximately $100 million.

Capstone and Pinnacle together expect to share complementary end markets and services, offer a strengthened platform to better serve customers, and experience immediate cost synergies.

“Prospect is pleased to provide financing to support the combination of two supply chain logistics market leaders under the capable ownership of a strong financial sponsor,” said Jason Wilson, a managing director of Prospect Capital.

Atlanta-headquartered Capstone services more than 50 customers at more than 240 facilities across 45 states.