Prospect Capital Corporation (NASDAQ:PSEC) provisions term loan to Processor


Dallas, Texas 09/11/2013 (Financialstrend) -In Tuesday’s trading session, Prospect Capital Corporation (NASDAQ:PSEC) stock rose by 0.04%. The opening price of the shares was $11.45 which trended to an intraday high of $11.47 and dipped to close at $11.44. Around 2.95 million shares were traded on Tuesday while the average volume of shares traded over a 30 day period was 2.72 million. The company has a market capitalization of $2.97 billion.

Prospect Capital Corporation (NASDAQ:PSEC) announced that Prospect has provisioned a $50M floating-rate senior secured term-loan to a front-running payments-Processor. The latter is a leader in the transaction processing services segment as well as in POS equipment. These are used by literally thousands of merchants in the U.S.

For merchants

The full suite of solutions that Processor provides allows merchants to process and accept transactions that are made by debit, credit, gift cards, loyalty and prepaid cards via mobile payment devices as well as traditional credit-card readers. Alternatively, any one of its proprietary touchscreen POS systems may be used. The proceeds of this particular transaction are going to be used to facilitate growth.

More news

 In separate news, Prospect Capital Corporation (NASDAQ:PSEC) announced that it has now gone ahead and provided some additional floating rate senior secured financing. This financing will support the Joule Inc acquisition By System One Holdings. MidOcean Partners controls the latter. The resultant company will create a leading-provider of various professional-staffing services.  This particular combination now creates a top 5 engineering-staffing company and a top 10 scientific-staffing company. It has combined revenue of over $450M with more than 6,000 employees spread across 30 different states in the U.S.

The company

PSEC offers a variety of specialized outsourced staffing –services to sectors as varied as life sciences, utility, telecommunications, legal, energy and engineering. The company has closed around $2.0B worth of originations in the 2013 calendar-year.

The Company offers numerous specialized outsourced-staffing services to varied sectors such as utility, life sciences, tele-communications, engineering, energy and legal. Prospect has closed approximately $2.0 billion of originations to date in the 2013 calendar year.