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SMALL BUSINESS
Prospect Capital adds lender to credit facility
AP ONLINE
posted: 60 DAYS 3 HOURS AGO
NEW YORK (AP) — Investment firm Prospect Capital Corp. said Tuesday it has added $20 million in commitments to its revolving credit facility for a total of $195 million.
Prospect Capital said the credit facility has a Moody's Investors Service investment-grade rating of "A2." An accordion feature allows it to accept up to $250 million of revolving commitments, a target the company expects to reach with additional lenders.
The company said it has diversified its lender base from one bank to five banks over the past three months.
Prospect said it is also exploring the term loan market as a potential source of long-term funding.
Shares gained 16 cents to $10.69 in midday trading.
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