Prospect Capital is committing $ 202 million forward in priority secured floating rate loans

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NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) – Prospect Capital Corporation (NASDAQ: PSEC) (“Prospectus”) announced today that Prospect has funded a total commitment of $ 202 million, including $ 49 million in first collateral with priority secured floating interest rate. a loan and a second priority floating rate collateral of $ 153 million to support refinancing of PGX Holdings, Inc. (“Progrexion”), a portfolio company of HIG Capital, LLC (“HIG”).

Progrexion is the leading consumer credit repair service provider in the United States, offering credit recovery solutions directly to consumers and as a technology and service provider through third parties. Progrexion’s technologies and services help consumers understand the information on their credit reports, verify its accuracy and accuracy, and correct inaccuracies with individual lenders, data providers and national credit bureaus.

“This deal marks the 12th funding for Progrexion since the acquisition of HIG in 2010,” said Elliot Maluth, Managing Director of HIG. his thoughtful approach to providing creative and flexible financial solutions. “

“For the past 21 years, Progrexion has led the market by helping consumer clients correct errors in their credit reports and keeping their credit reports operational,” said Jason Wilson, managing director of Prospect Capital Management LP. personal and first-hand experience with Progrexion’s services, which helped to remove several erroneous elements from my credit report, allowing me to secure significantly lower rates for mortgage refinancing, as well as car and home insurance. Our team at Prospect particularly values ​​investment opportunities where we can directly test the company’s strong value proposition for ourselves. “

ABOUT PROSPECT CAPITAL CORPORATION

Prospect Capital Corporation (m.www.prospectcap.com) is a business development company that specializes in lending and investing in private businesses. Prospect’s investment goal is to generate both current income and long-term capital gains through investments in debt and equity instruments.

Prospect decided to treat it as a business development company under the Investment Companies Act 1940 (the “1940 Act”). Prospect must comply with a number of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal rules and regulations. Prospect has chosen to be treated as a regulated investment company under the 1986 Tax Code. Failure to comply with any laws and regulations that apply to Prospect could have adverse consequences for Prospect and its shareholders.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe haven for forward-looking statements does not extend to business development companies. Any such statements, other than statements of historical fact, are likely to be affected by other unknown future events and conditions, including elements of the future that are or are not under the control of the Prospectus and which the Prospectus may or may not have taken into account; accordingly, such statements cannot be guarantees or representations about any aspect of future results. Actual events and results are likely to differ materially from any forward-looking statements. Such statements are valid only at the time they were made and Prospect assumes no obligation to update any such statement, now or in the future.

For more information contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Phone (212) 448-0702

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