Prospect Capital Corporation announced it has provided a $50 million floating-rate senior-secured term loan to a leading payments processor.
Processor is a leading provider of transaction processing services and point-of-sale ("POS") equipment used by tens of thousands of merchants across the United States. Processor's full suite of solutions allows merchants to accept and process transactions made by credit, debit, prepaid, gift, and loyalty cards through traditional credit card readers, mobile payment devices, or one of the company's proprietary touch-screen POS systems. The proceeds of the transaction are being used to facilitate growth.
"This transaction demonstrates our ability to originate, structure, diligence, and close non-sponsored transactions just as well as sponsored opportunities," said Jim Clippard, a Vice President of Prospect Capital Management LLC.
Separately, Prospect announced it provided additional floating-rate senior-secured financing to support the acquisition of Joulé Inc. by System One Holdings, LLC, controlled by MidOcean Partners, to create a leading provider of professional staffing services.
This combination creates a top five engineering staffing company and a top ten scientific staffing company with combined revenue of more than $450 million and over 6,000 employees across 30 offices in the United States. The company offers a range of specialized outsourced staffing services to a variety of sectors including energy, life sciences, telecommunications, utility, engineering, and legal.
"Prospect's willingness to support the growth of System One with acquisition capital to fund this add-on transaction again demonstrates Prospect's responsiveness, flexibility, and deep balance sheet," said Elias Dokas, a principal of MidOcean.
"We are delighted to support MidOcean again by providing additional capital to support the acquisition of Joulé, which further enhances the scale and diversity of System One's business," said Jason Wilson, a managing director of Prospect Capital Management LLC.
Prospect has closed approximately $2.0 billion of originations to date in the 2013 calendar year. Prospect closed more than $3.0 billion of originations in the twelve months ended June 30, 2013.