Latest Ash City Worldwide News
Jan 10, 2014
NEW YORK, NY--(Marketwired - Jan 10, 2014) - Prospect Capital Corporation ( NASDAQ : PSEC ) ("Prospect") announced today that Prospect has provided $260 million of floating-rate, senior-secured financing to support the acquisition of Ash City Worldwide ("Ash City") by Broder Bros., Co. ("alphabroder"). Founded in 1919 and formerly known as Broder Bros., Co., alphabroder is the nation's largest distributor of trade, private label, and retail apparel brands and merchandise to the imprinting, embroidery, and promotional product industries. alphabroder offers more than 40 brands spanning both a broad selection of trade brands that include Gildan, Hanes, Fruit of the Loom, Jerzees, and Bella + Canvas, as well as an extensive assortment of retail brands that include Adidas Golf, Ashworth, Champion, Russell Athletic, alternative, and Dickies. With the addition of Ash City, alphabroder also offers industry-leading private label brands that include Ash City, North End, Core 365, Devon & Jones, Chestnut Hill, and Harriton. "Prospect's ability to fully underwrite the entire $260 million financing need on an expedited basis was critical to the success of the transaction, which further enhances the scale and diversity of alphabroder," said David Simon, a Managing Director of Littlejohn. "We are delighted to support alphabroder again by providing additional capital for the acquisition of Ash City, creating the leading North American seamless-source supplier to the promotional and corporate apparel industry," said Richard Carratu, a Managing Director of Prospect Capital Management LLC. Prospect closed approximately $2.7 billion of new originations during calendar year 2013, with further origination activity expected in January and the coming months. ABOUT PROSPECT CAPITAL CORPORATION Prospect Capital Corporation ( www.prospectstreet.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.