Prospect Capital Purchases $70 Million of Senior Secured Floating Rate Second Lien Notes for Recapitalization and Merger of Ahead Data Blue
NEW YORK, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has purchased $70 million of senior secured floating rate second lien notes for the recapitalization of Ahead Data Blue, LLC (“Ahead Data Blue”).
On October 11, 2019, AHEAD, LLC and Data Blue, LLC announced an agreement to merge their two companies and acquire Sovereign Systems, LLC, forming Ahead Data Blue. Ahead Data Blue is a key partner to Fortune 1000 companies, helping customers solve complex IT challenges by providing strategy and implementation for customized on-premises and cloud infrastructure solutions. Ahead Data Blue is a valued service provider that teams up with key technology vendors, including Dell/EMC, Cisco, and Amazon Web Services.
Ahead Data Blue is a portfolio company controlled by affiliates of Court Square Capital Partners (“Court Square”). Founded in 1979 and headquartered in New York, Court Square is a leading middle market private equity firm investing in the business services, general industrials, healthcare, and technology and communications sectors.
“Ahead Data Blue’s track record with Fortune 1000 customers, as well as top status with leading technology vendors, are attractive credit highlights in the IT services space,” said Jason Wilson, Managing Director at Prospect Capital Management L.P. “We are excited to support Court Square on this transaction and assist with the company’s growth.”
About Prospect Capital Corporation
Prospect Capital Corporation is a business development company that focuses on 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 (“1940 Act”). Prospect is 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 Prospect could have an adverse effect on Prospect and our shareholders.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. These forward-looking statements include statements regarding expectations as to the completion of the transactions contemplated by the Tender Offers. 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
