DALLAS, May 08, 2017 (GLOBE NEWSWIRE) -- Capital Southwest Corporation (“Capital Southwest”) (Nasdaq:CSWC), announced today that it invested $11 million in a first lien term loan to Wastewater Specialties (“Wastewater” or the “Company”), a leading provider of industrial cleaning services in the Gulf Coast. Proceeds of the term loan facility were used to refinance existing indebtedness and provide growth capital. Capital Southwest partnered with CVC Credit Partners in the transaction, who served as agent and provided the remainder of the first lien term loan pari passu with Capital Southwest.
"We are excited about the opportunity to partner with the founders and management team of Wastewater on this opportunity," said Josh Weinstein, Principal of Capital Southwest. “We are impressed with the Company’s strong value proposition and its market leadership position in the Gulf Coast. We are also very pleased with the new relationship with CVC Credit Partners and we believe this transaction will be the beginning of a fruitful relationship for both firms.”
Wastewater Specialties, headquartered in Sulphur, Louisiana, with additional offices in Beaumont, Texas and Texas City, Texas, is a leading regional provider of industrial cleaning services to over 500 active industrial, marine, oilfield and commercial customers in the Gulf Coast. The Company performs mission-critical services including industrial vacuuming, hydro-blasting, tank cleaning, chemical cleaning and waste water remediation, among other specialty services.
About Capital Southwest
Capital Southwest Corporation (Nasdaq:CSWC) is a Dallas, Texas-based publicly traded Business Development Company, with approximately $285 million in net assets as of December 31, 2016. Capital Southwest is a credit investment firm focused on supporting the acquisition and growth of middle market businesses with $5 to $20 million investments across the capital structure, including first lien, unitranche, second lien, subordinated debt, and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.
Forward-Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business and investments of Capital Southwest. Forward-looking statements are statements that are not historical statements and can often be identified by words such as "will," "believe," "expect" and similar expressions and variations or negatives of these words. These statements are based on management's current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to changes in the markets in which Capital Southwest invests, changes in the financial and lending markets and general economic and business conditions.
Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest's Annual Report on Form 10-K for the year ended March 31, 2016 and subsequent filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.