NEW YORK, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has purchased $70 million of first lien senior secured floating rate notes issued to support the acquisition of Town & Country Holdings, Inc. (“Town & Country”) by affiliates of H.I.G. Capital, LLC (“H.I.G.”).
Founded in 1954 and headquartered in New York, Town & Country is a third-generation family-operated business. Town & Country designs, sources, manufactures, and markets table linens, kitchen textiles, rugs, shower curtains, travel pillows, and other innovative products. The company is a market leading supplier of national brands and private label programs to major online and traditional retailers across the globe.
“We are pleased to have the opportunity to work with Prospect on another transaction,” said Todd Ofenloch, Managing Director of H.I.G. “We know from past experience that Prospect has the wherewithal to move quickly and assist in getting deals completed, but even more important considerations to us were the capacity, efficiency and creativity Prospect has consistently demonstrated when it comes to the subsequent financing needs of our portfolio companies. Given our intent to grow Town & Country through a combination of internal growth initiatives as well as acquisitions, Prospect is the right debt financing source for the company.”
“We look forward to working with H.I.G. and Town & Country’s management team as the company continues to grow and widen its product offerings,” said Jason Wilson, Managing Director of Prospect Capital Management L.P. “Town & Country’s long history, design skills, sourcing capabilities, licensing partnerships, and relationships with leading retailers are attractive credit attributes for Prospect.”
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
Telephone (212) 448-0702
Source: Prospect Capital Corporation