Prospect Capital Corporation Makes $65 Million Investment in Taos Footwear
NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has provided a first lien senior secured term loan, a first lien senior secured convertible term loan, and a preferred equity investment to Taos Footwear Holdings, LLC (“Taos Footwear” or "Company"), aggregating $65 million, in collaboration with Taos Footwear’s founder and leadership team.
Taos Footwear is a leading, innovative footwear brand providing customers with stylish and supportive footwear products. The Company is renowned for its supportive footbed that has reshaped the lifestyle footwear industry over the past 20 years.
“During the last 20 years, the Taos Footwear team has developed differentiated products meeting the needs of our loyal customers, resulting in significant growth for our company," said Taos Footwear Founder and CEO, Glen Barad. "As the business has scaled, we saw a need for a value-added collaborator that could offer both capital and strategic expertise to elevate our brand. Prospect is the ideal fit to help us achieve our vision and drive continued success.”
“Prospect is excited about our investment in Taos Footwear and is pleased to complete this important transaction alongside the Taos Footwear team,” said Robert Melman, Managing Director at Prospect. “Taos Footwear is a leading brand providing an array of innovative and supportive footwear products to its vast customer base. We look forward to supporting the Company’s continued growth.”
About Prospect Capital Corporation
Prospect is a business development company 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.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
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.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
Telephone (212) 448-0702
