NEW YORK, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect has purchased $29 million of first lien senior secured floating rate notes issued to support the recapitalization of Thermal Product Solutions, Inc. (“TPS”), a portfolio company of Resilience Capital Partners.
Founded in 1998 and headquartered in East Troy, Wisconsin, Thermal Product Solutions designs and manufactures industrial and laboratory ovens and furnaces, as well as environmental temperature cycling and stability test chambers. Product brands include Wisconsin Oven, Tenney, Blue M, Gruenberg, Lindberg, MPH, and Baker. TPS is a market leading provider with an extensive offering across end markets, applications, and temperature/environmental settings, serving top Fortune 500 businesses since the earliest predecessor company to TPS was founded over a century ago in 1912.
“We are delighted with Prospect’s support on this financing,” said Ron Cozean, Chairman of TPS and Operating Partner at Resilience Capital Partners. “Prospect understood our business from the start given decades of Prospect team investment experience in the capital equipment industry, resulting in differentiated insights and a tailored financing solution. Resilience and the TPS management team are pleased to be teaming up with Prospect as together we seek to accelerate the growth of TPS in our aerospace, pharmaceutical, space mission, transportation, life sciences and battery core markets.”
“We are impressed with Thermal Product Solution’s long-tenured and broad branded product portfolio, custom manufacturing capabilities, and ability to serve a highly diversified customer end-market base,” said Nick Bodurian, Senior Associate at Prospect Capital Management L.P. “It has been a pleasure to work with the TPS management team, CEO Greg Jennings, and Resilience Capital Partners with this investment.”
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectcap.com) 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. Prospect has 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 its 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 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 any forward-looking statements. 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.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectstreet.com
Telephone (212) 448-0702