Prospect Capital Provides $38.2 Million of Senior Secured Financing to Support Merger
December 19, 2012 — (Live Trading News newswire) Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect has provided a $38.2 million first-lien senior secured loan to support the merger of Total Fleet Solutions (“TFS”), controlled by CI Capital Partners LLC (“CI Capital”), with The Miner Corporation (“Miner”) to form a top provider (“Company”) of facilities services and asset management solutions for retail, distribution, manufacturing, health care, and hospitality companies.
This combination creates the largest one-stop shop in the marketplace for on-site maintenance, on-call repair service, planned maintenance support, and lifecycle management solutions for a broad range of assets, including material handling equipment, mobile industrial equipment, doors, docks, and waste management equipment.
“We selected Prospect as our key capital relationship to support the Company with a flexible, creative, and responsive financing structure,” said Timothy T. Hall, Managing Director of CI Capital.
“Prospect is thrilled to support CI Capital again by providing additional capital in this important transaction for the growth and recapitalization of this differentiated material handling company,” said David Moszer, a Managing Director of Prospect Capital Management.
Prospect has closed nearly $2 billion of originations to date in the current 2012 calendar year. Prospect’s advanced investment pipeline aggregates nearly $1 billion of potential opportunities.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a closed-end investment company that lends to and invests in private and microcap public businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 (“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 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.
ABOUT CI CAPITAL PARTNERS
CI Capital Partners LLC is a North American private investment firm focused on building and expanding leading middle market businesses. The firm targets industries that are ripe for consolidation and seeks to build businesses through organic growth and acquisitions. Since the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $5 billion, EBITDA of approximately $400 million, and employment of approximately 15,000 people. To learn more about CI Capital Partners, please visit www.cicapllc.com.
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.
Source: Prospect Capital Corporation
- The Gold Price Report
May 22, 2013
- Apple Inc NASDAQ:AAPL US Tax avoidance strategies break no laws
May 21, 2013
- Jim Rogers Still Likes Silver and Gold
- Singapore Dollar Weekly Preview
May 20, 2013
- USD/ZAR South African Rand Outlook
May 19, 2013
Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
Chinese Society of Economists
American Economic Society
Best Hedge Funds 2013
Working with some of the World’s largest financial institutions HCM’s goal is to provide portfolio returns that exceed the S&P 500 Index benchmark while …
UAE Economy Seeing a Spring Boom
Driven by stable high Crude Oil prices, tourism, diversification and a liberal trade policy, the United Arab Emirates (UAE) witnesses an unprecedented …
As debt-laden Dubai’s economic recovery continues, with grandiose projects making a comeback, the emirate faces some near-term maturity of debt racked up during pre-crisis years but the …
The Hot List
Enviro-Serv Inc (OTCMKTS:EVSV), Medical Marijuana Inc (OTCMKTS:MJNA)
Enviro-Serv Inc (OTCMKTS:EVSV)
EVSV had a stellar dy yesterday, ut it looks like it is just the begining of big things, good …