Prospect Capital Provides $38.2 Million of Senior Secured Financing to Support Merger of Total Fleet Solutions and The Miner Corporation
NEW YORK, NY -- (Marketwire) -- 12/19/12 -- 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