NEW YORK, NY — (Marketwired) — 05/10/13 — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect has provided a $60 million senior secured credit facility to support the continued growth of Sandow Media, LLC (“Sandow”).
Founded by visionary media entrepreneur Adam I. Sandow in 2003, Sandow builds brands that engage audiences across consumer media, business media, retail commerce, e-commerce, licensing, and marketing. The Sandow brands, powered by innovation and meeting at the intersection of luxury and design, span multiple platforms. With more than 400 employees in 14 global offices, Sandow–s diversified offerings allow Sandow to strategically cross-pollinate its specialized business models that have helped deliver strong historical growth. Sandow brands include Culture + Commerce, Curator, Fred Segal, Furniture/Today Group, Interior Design, Luxe Interiors + Design, Material ConneXion, NewBeauty, Spalook.com, Watch Journal, and Worth.
“We are excited to enter into this long-term relationship with Prospect,” said Adam Sandow, CEO of Sandow. “Prospect has been flexible and creative in providing a one-stop financing solution that both strengthens our balance sheet and provides capital to drive future growth.”
“We are pleased to support Sandow with our differentiated one-stop financing solution,” said Jason Wilson, a Managing Director of Prospect Capital Management LLC. “This transaction exemplifies our value added approach to structuring financing solutions for exceptional companies, including both financial sponsor-owned companies and other privately-held businesses and non-sponsor closely held companies.”
Prospect has closed approximately $1 billion of new originations to date during the current calendar year. Prospect closed nearly $3 billion of originations in the twelve months ended March 31, 2013.
Prospect Capital Corporation () 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 any forward-looking statements. 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.