Prospect Capital has expanded the accordion feature of its Prospect Capital Funding LLC five-year revolving credit facility from $650 million to $1 billion and increased the commitments to the facility by $62.5 million to $712.5 million.

The $62.5 million commitment increase comes from one new lender and one existing lender, bringing the total number of lenders to 22, more lenders than to any other business development company ("BDC") revolving credit facility. The facility has an investment grade Moody's rating of Aa3. Prospect expects its availability from the Facility to increase significantly due to an increase in loan concentration size baskets as a result of the increase in the Facility size.

"The expansion of the accordion commitment target and addition of a new lender demonstrate continued interest in the Facility among our existing lenders and in the lender community as a whole," said Brian Oswald, Chief Financial Officer of Prospect. "As our balance sheet continues to grow, we will continue to pursue additional lenders to expand commitments to the Facility given its efficient funding cost among our debt issuance options."

Prospect Capital Corporation 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.