NEW YORK, NY — (MARKET WIRE) — 08/05/08 — Prospect Capital Corporation (NASDAQ: PSEC)(“Prospect”) announced today that it has provided $15 million in debtfinancing to support the take-private acquisition of the TriZetto Group(“TriZetto” or “Company”) by an affiliate of private equity firm ApaxPartners Worldwide LLP (“Apax”).
“Apax has closed repeat investments with Prospect Capital, and we value ourrelationship with their team,” said Adil Haque, a principal at Apax.
“The TriZetto investment offers an excellent opportunity to further ouralready deep relationship with Apax Partners and RBC Capital Markets, thelead arranger on the debt financing,” said Gautam Shirhattikar, a VicePresident with Prospect Capital Management. “We continue to view healthcareas an attractive sector to invest, and plan to make additional investmentsin that sector as part of our diversified sponsor finance business.”
Founded in 1997 and headquartered in Newport Beach, California, TriZetto isa leading healthcare information technology company. TriZetto’s productstouch approximately 50% of all insured Americans. Apax Partners is a globalprivate equity group with almost $40 billion in funds raised and a 30 yeartrack record of healthcare and technology investing. Apax along with theBlue Cross Blue Shield of Tennessee and Regence will invest approximately$900 million of equity underneath Prospect’s senior unsecured debt in theacquisition.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com/) is a closed-endinvestment company that lends to and invests in private and microcap publicbusinesses. Prospect Capital’s investment objective is to generate bothcurrent income and capital appreciation through debt and equityinvestments.
Prospect Capital has elected to be treated as a business developmentcompany under the Investment Company Act of 1940 (“1940 Act”). We arerequired to comply with a series of regulatory requirements under the 1940Act as well as applicable NASDAQ, federal and state laws and regulations.We have elected to be treated as a regulated investment company under theInternal Revenue Code of 1986. Failure to comply with any of the laws andregulations that apply to Prospect Capital could have a material adverseeffect on Prospect Capital and its shareholders.
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995. Any suchstatements, other than statements of historical fact, are likely to beaffected by other unknowable future events and conditions, includingelements of the future that are or are not under Prospect’s control, andthat Prospect may or may not have considered; accordingly, such statementscannot be guarantees or assurances of any aspect of futureperformance. Actual developments and results are highly likely to varymaterially from these estimates and projections of the future. Suchstatements speak only as of the time when made, and Prospect undertakes noobligation to update any such statement now or in the future.
Please send investment proposals to:Grier EliasekPresident and Chief Operating OfficerEmail Contact(212) 448-9577