NEW YORK, Dec. 20, 2016 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect's aircraft leasing portfolio company Echelon Aviation, LLC (“Echelon”) recently closed the acquisition of two 737-700 aircraft in connection with a sale and leaseback by Jet Airways. Jet Airways is the largest full service airline in India.
Echelon invested $19 million in the transaction, not including third party financing.
Echelon has invested in 14 separate aircraft transactions since 2014, aggregating $479 million in enterprise value.
“We are pleased to complete this sale and leaseback transaction with Jet Airways through our portfolio company Echelon Aviation,” said Richard Carratu, Managing Director of Prospect Capital Management L.P. “We look forward to supporting Jet Airways and other worldwide airlines with additional aircraft financings to continue to grow our investment in Echelon.”
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.
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Source: Prospect Capital Corporation