Contact Information: Please send investment proposals to: Grier Eliasek President and Chief Operating Officer (212) 448-9577
Prospect Capital Provides $15 Million in Financing to Support Apax Acquisition of TriZetto
| Source: Prospect Capital Corporation
NEW YORK, NY--(Marketwire - August 5, 2008) - Prospect Capital Corporation (NASDAQ : PSEC )
("Prospect") announced today that it has provided $15 million in debt
financing to support the take-private acquisition of the TriZetto Group
("TriZetto" or "Company") by an affiliate of private equity firm Apax
Partners Worldwide LLP ("Apax").
"Apax has closed repeat investments with Prospect Capital, and we value our
relationship with their team," said Adil Haque, a principal at Apax.
"The TriZetto investment offers an excellent opportunity to further our
already deep relationship with Apax Partners and RBC Capital Markets, the
lead arranger on the debt financing," said Gautam Shirhattikar, a Vice
President with Prospect Capital Management. "We continue to view healthcare
as an attractive sector to invest, and plan to make additional investments
in that sector as part of our diversified sponsor finance business."
Founded in 1997 and headquartered in Newport Beach, California, TriZetto is
a leading healthcare information technology company. TriZetto's products
touch approximately 50% of all insured Americans. Apax Partners is a global
private equity group with almost $40 billion in funds raised and a 30 year
track record of healthcare and technology investing. Apax along with the
Blue Cross Blue Shield of Tennessee and Regence will invest approximately
$900 million of equity underneath Prospect's senior unsecured debt in the
acquisition.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a closed-end
investment company that lends to and invests in private and microcap public
businesses. Prospect Capital's investment objective is to generate both
current income and capital appreciation through debt and equity
investments.
Prospect Capital has 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 laws 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 Capital could have a material adverse
effect on Prospect Capital and its shareholders.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any such
statements, other than statements of historical fact, are likely to be
affected by other unknowable future events and conditions, including
elements of the future that are or are not under Prospect's control, and
that Prospect 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 these estimates and projections of the future. Such
statements speak only as of the time when made, and Prospect undertakes no
obligation to update any such statement now or in the future.