NEW YORK, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has purchased $31 million of first lien senior secured floating rate notes for the recapitalization of Collections Acquisition Company, Inc. (d/b/a “Payliance”).

Founded in 2009 and headquartered in Columbus, Ohio, Payliance provides a complete suite of solutions for payments processing, payments recovery, and risk management designed to solve payment acceptance challenges and help customers drive competitiveness and profitability. Payliance provides payment processing solutions for Automated Clearing House (ACH), electronic check (eCheck), remotely created check (RCC), debit card, and credit card processing.

Payliance is a portfolio company of Serent Capital (“Serent”), a leading lower-middle market private equity firm focused on investing in high growth service and technology businesses. Founded in 2008, Serent has offices in San Francisco, California and Austin, Texas.

“We were pleased to work with Prospect, which was proactive, diligent, and creative on this transaction,” said Steve Marks, Vice President of Serent. “Our Serent team looks forward to working with Prospect as we seek to grow Payliance and close additional future transactions.”

“We found Payliance’s payment processing solutions to be comprehensive, tailored to client needs, and scalable, all attractive credit highlights in the payment processing space,” said Angel Solis, Principal at Prospect Capital Management L.P. “We are excited to support Serent 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
grier@prospectcap.com
Telephone (212) 448-0702