Prospect Floating Rate & Alternative Income Fund, Inc.: debt financing — Prospect Floating Rate Fund increases credit facility to $65M, sells $10M stock to adviser

Prospect Floating Rate & Alternative Income Fund, Inc.

First Amendment to Senior Secured Revolving Credit Agreement raises commitments from $20M to $65M, with Sumitomo Mitsui Banking Corp. as agent.
Company sold $10M of Class A common stock to investment adviser Prospect Capital Management L.P. at NAV per share as of January 31, 2024.
No underwriting discounts or commissions paid; stock issuance exempt from registration under Section 4(a)(2) and Regulation D.
Amendment also added Bank OZK as Documentation Agent and new lenders to the facility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Prospect Floating Rate & Alternative Income Fund, Inc. amended revolving credit of from $20,000,000 to $65,000,000 with Sumitomo Mitsui Banking Corporation.

Instrument: revolving credit
Principal: from $20,000,000 to $65,000,000
Counterparty: Sumitomo Mitsui Banking Corporation
Event: amendment

Exact text from the filing

the First Amendment amends the original Senior Secured Revolving Credit Agreement, dated September 21, 2023, to provide for an increase in the aggregate commitment from $20,000,000 to $65,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Prospect Floating Rate & Alternative Income Fund, Inc. amended First Amendment with Sumitomo Mitsui Banking Corporation valued at $65,000,000 (effective 2024-01-30).

Action: amendment
Agreement: credit facility
Counterparty: Sumitomo Mitsui Banking Corporation
Value: $65,000,000
Effective: 2024-01-30

Exact text from the filing

On January 30. 2024, Prospect Floating Rate and Alternative Income Fund, Inc. (the “Company”) entered into the first amendment (the “First Amendment”) to the Senior Secured Revolving Credit Agreement (the “Senior Secured Revolving Credit Agreement”), by and among the Company, as borrower, the lenders party thereto, and Sumitomo Mitsui Banking Corporation, as administrative agent.

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Source: SEC EDGAR

accession 0001521945-24-000020

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