NEW YORK, Jan. 24, 2017 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has purchased an additional $16.0 million of first lien senior secured floating rate notes issued by Mity, Inc. (“Mity”) to Prospect for Mity’s acquisition of Holsag Canada (“Holsag”).
Headquartered in Orem, Utah, Mity is a provider of chairs, tables, carts, and other furnishings for the hospitality, healthcare, restaurant, education, government, and other commercial end markets.
Based in Lindsay, Ontario, Holsag is a manufacturer of chairs and casegoods focused on the senior living, healthcare, and other end markets. The acquisition significantly broadens Mity’s product offering and deepens Mity’s presence in multiple industries. Prospect is the controlling shareholder of Mity alongside management co-investors.
“We appreciate Prospect’s strategic vision and strong support as we continue our growth as a leading provider of furniture and related products to multiple commercial end markets,” said John Dudash, CEO of Mity.
“Prospect’s investment in Mity has generated attractive yields for our shareholders due to the strong performance of the company,” said Bart deBie, Managing Director of Prospect Capital Management, L.P. “We are pleased with Mity closing this strategic acquisition and look forward to analyzing other attractive add-on opportunities in the marketplace.”
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