Prospect Capital Corporation has provided a $44 million secured subordinated loan to support the refinancing of New Century Transportation, a transportation and logistics company, and a portfolio company of Jefferies Capital Partners. “Prospect’s responsiveness and structuring flexibility, coupled with its access to capital, provided the certainty of execution that we needed in order to close this refinancing on a tight timeline,” said Seth Wilson, a Managing Director of Jefferies Capital Partners.
New Century is a provider of regional and national less-than-truckload services. The company services include the transportation of temperature-controlled and hazardous freight. New Century is based in Westhampton, NJ (www.nctrans.com).
Prospect invests from $10 million to $75 million in private and micro-cap public businesses located in the US and Canada that have from $3 million to $30 million of EBITDA. Investment structures include: senior debt; unitranche debt; 2nd lien and mezzanine debt; and “one stop” debt and equity. The firm invests in wide array of industries and is effectively industry agnostic. Prospect has closed approximately $1.1 billion of originations to date in the current 2012 calendar year. The firm is located in New York, NY (www.prospectstreet.com).
“Prospect has delivered 100% of the secured subordinated capital in support of the New Century refinancing, resulting in a financially strong company that is well positioned for the future,” said Richard Carratu, a Managing Director of Prospect Capital Management.
Jefferies Capital Partners is a private equity investment firm with over $850 million in equity funds under management. Since its founding in 1994, the firm has invested $1.4 billion in equity capital into 58 companies. Sectors of interest include energy & energy services, supply chain logistics & distribution, healthcare and restaurants. Jefferies Capital Partners is based in New York (www.jefcap.com).