Prospect Capital announced it increased the total commitments to its five-year $1 billion revolving credit facility by $45 million, to an aggregate total of $837.5 million. The accordion feature of the credit facility allows Prospect to accept an aggregate of $1 billion of revolving commitments. Prospect expects to reach $1 billion in aggregate with new and existing lenders.
The new $45 commitment comes from three new lenders, bringing the total number of lenders to 27.
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TheStreet Ratings team rates PROSPECT CAPITAL CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROSPECT CAPITAL CORP (PSEC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, expanding profit margins, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."