ENP Newswire -
Release date- 03092014 -
The new Facility, for which
Pricing for the Facility is one-month Libor plus 2.25%, which achieves a 50 basis point reduction in pricing from the previous facility pricing of Libor plus 2.75%. The new Facility has an investment grade Moody's rating of Aa3.
The Facility has no payment guarantee from Prospect to PCF, demonstrating the favorable risk-mitigating balance sheet structure of Prospect's capitalization compared to other companies in the business development company ('BDC') industry. Approximately 80% of Prospect's consolidated assets continue to be unencumbered as an attractive structure for both shareholders and unsecured creditors.
'We are pleased to announce the extension of our credit facility on favorable terms, with broad support from existing and new lenders, allowing us to secure longer-dated liabilities for the accretive benefit of our shareholders,' said
We have elected to be treated as a business development company under the Investment Company Act of 1940 (the '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 Subchapter M of 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.
Tel: (212) 792 2095
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