Prospect Capital Corporation (NASDAQ:PSEC) Files An 8-K Other Events
Item 8.01. Other Events.
On December 27, 2018, Prospect Capital Corporation (“Prospect”) increased total commitments to its revolving credit facility (the “Facility”) for Prospect Capital Funding LLC, a GAAP consolidated subsidiary of Prospect, by $20 million to $1.02 billion in the aggregate.
The Facility includes an accordion feature that allows the Facility, at Prospect’s discretion, to accept up to a total of $1.5 billion of commitments. The $20 million commitment comes from one new lender. The total number of lenders in the Facility is now 29.
On August 1, 2018, the Facility was extended to March 27, 2024, and the interest rate on drawn amounts was reduced to one-month Libor plus 2.20%.
About Prospect Capital Corporation (NASDAQ:PSEC)
Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. The Company invests primarily in senior and subordinated debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes. The Company makes investments, including lending in private equity sponsored transactions, lending directly to companies not owned by private equity firms, control investments in corporate operating companies, control investments in financial companies, investments in structured credit, real estate investments, investments in syndicated debt, aircraft leasing and online lending. The Company is managed by its investment advisor, Prospect Capital Management L.P.