Prospect Capital Corporation (NASDAQ:PSEC) Increases Revolving Credit Facility


Dallas, Texas 03/05/2014 (FINANCIALSTRENDS) – Prospect Capital Corporation (NASDAQ:PSEC) announced it has increased the revolving credit facility by $45.0 million to $757.5 million collectively. The Facility comprises of an element that enables the company to accept an aggregate of $1.0 billion of revolving commitments. The company plans to meet this target with help of existing and additional lenders. According to Prospect’s CFO, they will look for potential contributor to support their commitment to reach the target.

Prospect’s Support to Lovell Minnick

According to the company’s announcement, it will support financially Lovell Minnick to acquire Keane. Prospect has offered around $17 million of secured floating rate to Keane. Managing Director of Prospect announced they would like to invest further into potential opportunities with Kean and expand their business relationship. Keane’s has historically demonstrated success in the unclaimed property recovery business.

Prospect’s Announces Cash Distributions to Shareholders

Prospect Capital Corporation (NASDAQ:PSEC) declared monthly cash distributions to the share holders.  On an average the company declared above 11 cents per share. With these distributions, it marks 72nd, 73rd, and 74th consecutive cash distributions to the shareholders.

Prospects Investment multifamily residential properties

According to the market report, Prospect has invested around $22 million in four rent-producing multifamily residential properties. The property has approximately 783 rental units and 664,942 rentable square feet. Earlier, the company had invested around $310.3 million towards 29 multifamily residential properties with 9,951 rental units and 9.78 million rentable square feet.

The company will now focus on acquiring steady properties with minimal investments to generate significant yields and potentially long term appreciation. They also plan to focus on new investment opportunities to generate more cash flow. The company reported around $2.7 billion of new origination during FY2013 and during 1Q2014, it closed around $200 millions of origination.

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