Publicly traded Prospect Capital Corp. provided $23 million in debt financing to support the recapitalization of Anchor Hocking, a company controlled by affiliates of Monomoy Capital Partners. Prospect Capital also served as facility agent in a $45 million term loan financing for Anchor, the firm announced Friday. Achor designs and manufactures glass products for the retail, food service, and OEM channels.
Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect has provided a senior secured loan of $23 million to support the recapitalization of Anchor Hocking, LLC (“Anchor”), a company controlled by affiliates of Monomoy Capital Partners. Prospect served as facility agent in a $45 million term loan financing for Anchor.
Anchor is a leading designer, manufacturer, and marketer of high quality glass products for the retail, food service, and OEM channels. With the broadest product offering in the industry, Anchor is a significant producer of beverageware, serveware, bakeware, storageware, candle containers, and other products. For over 100 years, Anchor has been offering innovative products that meet developing customer trends and has grown to become the second largest supplier of glassware in the United States. The “Anchor” brand name is synonymous with quality, value, and leading customer service.
“The Anchor transaction, together with other recently closed deals, demonstrates our ability to serve as lead investor and agent on transactions for middle-market companies as an additional value-added service to our private equity sponsor and other relationships,” said Jason Wilson, a Principal with Prospect Capital Management.
Prospect also recently acted as the facility agent and lead lender of a syndication of lenders that collectively provided $132 million in senior secured financing to support the financing of a leading logistics company. Controlled by prominent middle-market private equity firms and having over 5,000 employees, this company services over 50 customers at more than 200 facilities nationwide. This company provides a broad array of logistics services to a diverse group of blue chip customers in the grocery, food service, retail, and specialty automotive industries. Its workforce solutions allow distribution and manufacturing center operators to outsource non-core, labor-intensive elements of their supply chains.
Separately, Prospect recently provided approximately $12 million in senior secured financing to an existing portfolio company, controlled by an experienced private equity firm, to acquire a leading manufacturer of personnel safety products for the transportation and industrial markets.
Prospect has closed nearly $900 million of new originations during calendar year 2011, including more than $200 million in the current quarter.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a closed-end investment company that lends to and invests in private and microcap public businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.