Prospect Capital (PSEC) Announces Increases Revolving Credit Facility $20M To $195M

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September 29, 2009 8:44 AM EDT

Prospect Capital Corporation (NASDAQ: PSEC) announced that Prospect has increased total commitments to Prospect's revolving credit facility to $195 million in the aggregate, up from $175 million previously.

The Facility includes an accordion feature which allows Prospect to accept up to an aggregate of $250 million of revolving commitments, a target Prospect expects to reach with additional lenders. Prospect has now diversified its lender base from one bank to five banks over the past three months.

The Facility has an investment grade Moody's rating of A2. In addition to growing its revolving commitments from banks, Prospect is also exploring the term loan market as a potential source of long-term funding to increase the Facility size beyond $250 million.