NEW YORK, NY--(Marketwired - May 21, 2013) - Prospect Capital Corporation (
Wolf continues as a portfolio company of Prospect with other energy-related operations, including other assets formerly associated with H&M.
Prospect estimates the recent cash flows received from Wolf in the current quarter have increased net asset value for Prospect by more than $0.06 per share.
If these Wolf cash flows had been received on March 31, 2013, the fair market value of Prospect's loan assets on non-accrual as a percentage of total assets would have stood at approximately 0.2% on such date, down from the previously reported 1.3%.
"We are pleased Wolf has found a buyer for these assets at an attractive price, allowing Prospect to enhance our net asset value and to redeploy this capital in new investments at attractive yields for our shareholders," said David Belzer, a Managing Director of Prospect Capital Management LLC. "We welcome the opportunity to review new investment opportunities in the energy sector and beyond."
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. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have 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 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 us could have an adverse effect on us and our 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 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 these estimates and projections of the future. 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.