NEW YORK, NY -- (Marketwire) -- 01/03/13 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided a $32 million senior secured loan to support the acquisition of All Systems Holding, LLC ("System One"), a leading provider of professional staffing services, by investment funds managed by MidOcean Partners ("MidOcean").
Headquartered in Pittsburgh, Pennsylvania, System One is the sixth largest engineering and technical staffing firms in the United States. System One provides outsourced staffing services to the energy, utility, information technology, and legal sectors. Its Utility Partners of America subsidiary is a leading national provider of smart meter technology installation and energy management solutions benefiting utilities, consumers, and the environment.
"Prospect worked around the clock on an accelerated year-end timeline and showed remarkable responsiveness and creativity to deliver the financing solution we were seeking," said Elias Dokas, a Principal of MidOcean.
"We are pleased to support MidOcean's acquisition of an industry-leading staffing company in System One, and we look forward to working with MidOcean on future transactions," said Jason Wilson, a Managing Director of Prospect Capital Management LLC.
Prospect closed an origination record of more than $2.25 billion in the 2012 calendar year and an origination record of more than $750 million in the December 2012 quarter. Prospect's advanced investment pipeline aggregates more than $500 million of potential opportunities.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a closed-end investment company that lends to and invests in private and microcap public businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
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