|By Marketwired .||
|May 6, 2014 07:00 AM EDT||
NEW YORK, NY -- (Marketwired) -- 05/06/14 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided $61.0 million in senior secured debt and equity for the recapitalization of Arctic Energy Services, LLC ("Arctic"), an oil and gas service company based in Glenrock, Wyoming and doing business as Arctic Oilfield Services.
Arctic is a leading provider of flow-back production well testing services, frac water transfer services, and filtration equipment rentals. Arctic's customers target the Bakken oil shale in the Williston Basin of North Dakota, oily sandstones of the Powder River Basin in Wyoming, and the Niobrara Shale of the Denver-Julesburg Basin in Colorado. Prospect is the controlling shareholder of Arctic.
"Arctic has an experienced management team that has demonstrated its ability to provide innovative and reliable solutions to its customers," said Mark Hull, a Principal with Prospect Capital Management LLC. "Arctic has an impressive list of customers with significant capital budgets to focus on Arctic's core regions, providing a tremendous growth opportunity for the company."
"Prospect's deep knowledge of the energy sector and ability to invest significant growth capital into the business provide the perfect fit for us," said Shane Ailport, CEO of Arctic. "We look forward to growing the equipment fleet to service the sizeable demand we are witnessing from both existing and prospective customers."
Prospect has closed more than $1.55 billion of originations to date in the current 2014 calendar year. Prospect closed more than $3.3 billion of originations in the twelve months ended March 31, 2014.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private 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.