Prospect Capital Corporation Extends and Increases Revolving Credit Facility to Over $2.1 Billion of Aggregate Commitments
Prospect Capital (NASDAQ: PSEC) has successfully extended and increased its revolving credit facility for Prospect Capital Funding , a GAAP consolidated subsidiary. The facility's total commitments now stand at $2.1215 billion, with participation from 48 banks boasting a combined asset base exceeding $7.5 trillion. This marks the largest number of lenders for any business development company's credit facility.
Key features of the facility include:
- An accordion feature allowing commitments to increase up to $2.25 billion
- A five-year term with maturity on June 28, 2029
- A four-year revolving period through June 28, 2028
- An additional one-year amortization period
Grier Eliasek, President and COO of Prospect, expressed satisfaction with the longstanding support from relationship banks, some dating back to 2009. He emphasized that this industry-leading facility provides Prospect with efficient capital to meet investment and financing needs for their business and portfolio companies.
Prospect Capital (NASDAQ: PSEC) ha esteso con successo e aumentato la sua linea di credito revolving per Prospect Capital Funding, una consociata consolidata secondo i principi contabili GAAP. Gli impegni totali della linea di credito ammontano ora a $2,1215 miliardi, con la partecipazione di 48 banche il cui attivo combinato supera i $7,5 trilioni. Questo segna il numero pi霉 elevato di creditori per qualsiasi linea di credito di una societ脿 di sviluppo aziendale.
Le caratteristiche principali della linea di credito includono:
- Una funzionalit脿 accordion che consente di aumentare gli impegni fino a $2,25 miliardi
- Un termine di cinque anni con scadenza il 28 giugno 2029
- Un periodo revolving di quattro anni fino al 28 giugno 2028
- Un ulteriore periodo di ammortamento di un anno
Grier Eliasek, Presidente e COO di Prospect, ha espresso soddisfazione per il supporto a lungo termine da parte delle banche relazionali, alcune delle quali risalgono al 2009. Ha sottolineato che questa linea di credito leader nel settore offre a Prospect capitale efficiente per soddisfare le esigenze di investimento e finanziamento per le loro aziende e portafogli di investimenti.
Prospect Capital (NASDAQ: PSEC) ha logrado extender y aumentar con 茅xito su l铆nea de cr茅dito revolvente para Prospect Capital Funding, una subsidiaria consolidada seg煤n los principios de contabilidad GAAP. Los compromisos totales de la l铆nea de cr茅dito ahora ascienden a $2.1215 mil millones, con la participaci贸n de 48 bancos cuyo activo combinado supera los $7.5 billones. Esto marca el mayor n煤mero de prestamistas para cualquier l铆nea de cr茅dito de una empresa de desarrollo comercial.
Las caracter铆sticas clave de la l铆nea de cr茅dito incluyen:
- Una caracter铆stica tipo acorde贸n que permite que los compromisos aumenten hasta $2.25 mil millones
- Un plazo de cinco a帽os con vencimiento el 28 de junio de 2029
- Un per铆odo revolving de cuatro a帽os hasta el 28 de junio de 2028
- Un per铆odo adicional de amortizaci贸n de un a帽o
Grier Eliasek, Presidente y COO de Prospect, expres贸 su satisfacci贸n por el apoyo a largo plazo de los bancos relacionados, algunos desde 2009. Enfatiz贸 que esta l铆nea de cr茅dito l铆der en la industria proporciona a Prospect capital eficiente para satisfacer las necesidades de inversi贸n y financiamiento para sus empresas y compa帽铆as de cartera.
Prospect Capital (NASDAQ: PSEC)電 GAAP 旮办鞐 霐半澕 韱淀暕霅 鞛愴殞靷澑 Prospect Capital Funding鞚 鞙勴暅 須岇爠 鞁犾毄 鞁滌劋鞚 靹标车鞝侅溂搿 鞐办灔頃橁碃 歃濌皜鞁滌及鞀惦媹雼. 鞚 鞁滌劋鞚 齑 鞎届爼鞎§潃 順勳灛 $2.1215鞏 雼煬鞐 鞚措ゴ氅, 48臧 鞚頄鞚 彀胳棳頃橃棳 齑 鞛愳偘 攴滊臧 $7.5臁半ゼ 齑堦臣頃╇媹雼. 鞚措姅 鞏措枻 旮办梾 臧滊皽 須岇偓鞚 鞁犾毄 鞁滌劋鞐 鞛堨柎 臧鞛 毵庫潃 雽於 旮瓣磤鞚 氤挫湢頃 旮半鞛呺媹雼.
鞚 鞁滌劋鞚 欤检殧 韸轨鞚 雼れ潓瓿 臧欖姷雼堧嫟:
- 鞎届爼鞚 $2.25鞏 雼煬旯岇 電橂Υ 靾 鞛堧姅 鞎勳綌霐旍柛 旮半姤
- 2029雲 6鞗 28鞚缄箤歆 毵岆霅橂姅 5雲勳潣 旮瓣皠
- 2028雲 6鞗 28鞚缄箤歆鞚 4雲 須岇爠 旮瓣皠
- 於旉皜 1雲勳潣 靸來櫂 旮瓣皠
Grier Eliasek, Prospect鞚 靷灔 瓴 COO電 2009雲勲秬韯 甏瓿勲ゼ 毵红柎鞓 鞚頄夒摛搿滊秬韯办潣 歆靻嶌爜鞚 歆鞗愳棎 雽頃 毵岇”鞚 響滊獏頄堨姷雼堧嫟. 攴鸽姅 鞚 鞐呹硠 斓滉碃鞚 鞁滌劋鞚 Prospect鞐 攴鸽摛鞚 靷梾 氚 韽姼韽措Μ鞓 須岇偓鞚 韴瀽 氚 鞛愱笀 臁半嫭 頃勳殧毳 於╈”頃橂姅 雿 須湪鞝侅澑 鞛愲掣鞚 鞝滉车頃滊嫟瓿 臧曥“頄堨姷雼堧嫟.
Prospect Capital (NASDAQ: PSEC) a r茅ussi 脿 茅tendre et 脿 augmenter sa ligne de cr茅dit revolving pour Prospect Capital Funding, une filiale consolid茅e selon les normes GAAP. Les engagements totaux de la ligne de cr茅dit s'茅l猫vent d茅sormais 脿 2,1215 milliards de dollars, avec la participation de 48 banques affichant un actif combin茅 d茅passant 7,5 billions de dollars. Cela marque le plus grand nombre de pr锚teurs pour la ligne de cr茅dit d'une soci茅t茅 de d茅veloppement commercial.
Les principales caract茅ristiques de la ligne de cr茅dit comprennent :
- Une fonctionnalit茅 accord茅on permettant d'augmenter les engagements jusqu'脿 2,25 milliards de dollars
- Une dur茅e de cinq ans avec 茅ch茅ance le 28 juin 2029
- Une p茅riode revolving de quatre ans jusqu'au 28 juin 2028
- Une p茅riode d'amortissement suppl茅mentaire d'un an
Grier Eliasek, Pr茅sident et COO de Prospect, a exprim茅 sa satisfaction quant au soutien de longue date des banques partenaires, dont certaines remontent 脿 2009. Il a soulign茅 que cette ligne de cr茅dit leader dans l'industrie fournit 脿 Prospect un capital efficace pour r茅pondre aux besoins d'investissement et de financement de leurs entreprises et soci茅t茅s de portefeuille.
Prospect Capital (NASDAQ: PSEC) hat erfolgreich seine revolvierende Kreditfazilit盲t f眉r Prospect Capital Funding, eine gem盲脽 GAAP konsolidierte Tochtergesellschaft, verl盲ngert und erh枚ht. Die Gesamtverpflichtungen der Fazilit盲t belaufen sich nun auf 2,1215 Milliarden Dollar, mit der Beteiligung von 48 Banken, deren Gesamtverm枚gen 眉ber 7,5 Billionen Dollar liegt. Dies stellt die h枚chste Anzahl an Kreditgebern f眉r eine Kreditfazilit盲t eines Unternehmensentwicklungsunternehmens dar.
Zu den Hauptmerkmalen der Fazilit盲t geh枚ren:
- Eine Acordion-Funktion, die eine Erh枚hung der Verpflichtungen auf bis zu 2,25 Milliarden Dollar erm枚glicht
- Eine Laufzeit von f眉nf Jahren mit F盲lligkeit am 28. Juni 2029
- Eine vierj盲hrige revolving Periode bis zum 28. Juni 2028
- Eine zus盲tzliche einj盲hrige Amortisationsperiode
Grier Eliasek, Pr盲sident und COO von Prospect, 盲u脽erte sich zufrieden 眉ber die langj盲hrige Unterst眉tzung durch die Beziehungspartnerbanken, von denen einige bis ins Jahr 2009 zur眉ckreichen. Er betonte, dass diese branchenf眉hrende Fazilit盲t Prospect effizientes Kapital zur Verf眉gung stellt, um die Investitions- und Finanzierungsbed眉rfnisse ihrer Unternehmen und Portfoliounternehmen zu decken.
- Increased revolving credit facility commitments to $2.1215 billion
- Participation from 48 banks with a combined asset base over $7.5 trillion
- Facility includes an accordion feature allowing commitments to increase up to $2.25 billion
- Extended maturity to June 28, 2029, with a four-year revolving period
- None.
Insights
The extension and increase of Prospect Capital 's revolving credit facility to over
- The facility now has
$2.1215 billion in total commitments from 48 banks, showcasing strong lender confidence. - An accordion feature allows for potential expansion up to
$2.25 billion . - The five-year term with a maturity date of June 28, 2029, provides long-term stability.
- A four-year revolving period followed by a one-year amortization period offers operational flexibility.
This expanded credit facility strengthens PSEC's ability to fund new investments and manage its portfolio companies effectively. The increased commitment and extended timeline suggest that lenders view PSEC's business model and credit quality favorably. For investors, this development indicates improved financial stability and potential for growth, which could positively impact the company's performance and stock valuation in the medium to long term.
The expansion of Prospect Capital's credit facility to over
- PSEC now boasts the largest number of lenders (48) for any BDC's credit facility, indicating broad-based financial institution support.
- The facility's size relative to PSEC's market cap of
$2.21 billion is substantial, providing ample liquidity. - The long-term nature of the facility (until 2029) offers stability in a potentially volatile market environment.
This expanded facility could allow PSEC to capitalize on investment opportunities more aggressively, potentially leading to increased net investment income. However, investors should also consider the implications of increased leverage on the company's risk profile. The market's reaction to this news will likely be positive, as it demonstrates PSEC's strong relationships with lenders and its ability to secure favorable financing terms in a challenging economic climate.
NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (鈥淧rospect鈥) extended and increased total commitments for its revolving credit facility (the 鈥淔acility鈥) for Prospect Capital Funding LLC, a GAAP consolidated subsidiary of Prospect, with the most recent upsize in the quarter ended September 30, 2024.
Facility commitments currently aggregate
The Facility term comprises five years from the initial closing, with a maturity of June 28, 2029. The Facility has a revolving period of four years from the initial closing, extending through June 28, 2028 and followed by an additional one-year amortization period.
"Prospect Capital is pleased to have the longstanding support of so many strong relationship banks, some of which date all the way back to 2009 with our credit relationship," said Grier Eliasek, President and Chief Operating Officer of Prospect. "We look forward to continuing such relationships for many years to come, with our industry leading facility providing Prospect with efficient capital to help meet the investment and financing needs of our business and portfolio companies."
About Prospect Capital Corporation
Prospect is a business development company that focuses on lending to and investing in private businesses. Prospect鈥檚 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 (鈥1940 Act鈥). 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. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
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.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
Telephone (212) 448-0702
FAQ
What is the new total commitment for Prospect Capital 's (PSEC) revolving credit facility?
How many banks are participating in PSEC's revolving credit facility?
When does PSEC's extended revolving credit facility mature?
What is the maximum potential commitment for PSEC's revolving credit facility?
