NEW YORK, July 29, 2016 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has invested $65.0 million in first lien senior secured floating rate debt issued by Universal Turbine Parts, LLC (“UTP”) in conjunction with the acquisition of UTP led by ICV Partners, a middle market private equity firm.
Founded in 1993 and headquartered in Prattville, Alabama, UTP is an independent supplier of aftermarket turboprop engines and parts to over 1,200 maintenance repair and overhaul facilities, aircraft fleet operators, and engine parts dealers worldwide. UTP maintains one of the industry’s largest inventories of fully certified and traceable used serviceable parts for Pratt & Whitney PT6 and PW100 engines, which power more than 14,000 aircraft worldwide in commercial and military use.
“Prospect displayed significant creativity and expertise throughout the diligence and documentation process,” said Cory Mims, a Managing Director of ICV Partners. “Prospect is a trusted lending relationship with post-closing capabilities to support future growth.”
“We believe UTP offers a valuable service to its customers by providing real time access to an expansive inventory of hard-to-find parts with expedited service,” said David Moszer, a Managing Director of Prospect Capital Management L.P. “The refurbished parts and engines supplied by UTP provide an attractive economic solution to meet recurring engine overhaul demands.”
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. Prospect has 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 Prospect could have an adverse effect on Prospect and its 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 Prospect’s control, and that Prospect 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 Prospect undertakes no obligation to update any such statement now or in the future.
For further information, contact: Grier Eliasek, President and Chief Operating Officer email@example.com Telephone (212) 448-0702
Source: Prospect Capital Corporation