NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect has purchased $25 million of first lien senior secured floating rate notes issued to support the recapitalization of KM2 Solutions, LLC (“KM2”), led by affiliates of H.I.G. Capital, LLC (“H.I.G.”).
Headquartered in New York and founded in 2004, KM2 provides high quality, cost effective business process outsourcing services, including receivables management, sales and marketing, customer engagement, back office support, professional services, and technical services to customers primarily within the finance and healthcare end markets.
“We appreciate the creativity, reliability, and future add-on financing capability that Prospect provides through its flexible debt financing solutions,” said Todd Ofenloch, Managing Director of H.I.G. “This transaction constitutes our 30th financing with the Prospect team.”
“As a significant validation of KM2’s customer value proposition, one of our portfolio companies in the healthcare sector recently enlisted KM2’s services with positive results,” said Jason Wilson, Managing Director of Prospect Capital Management L.P. “We look forward to supporting KM2’s strong momentum and growth initiatives envisioned under H.I.G. and KM2 management leadership.”
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectcap.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
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