Broder Receives $100 Million In Financing
Financing Meant To Recapitalize Company
Counselor Top 40 apparel supplier Broder Bros. (asi/42090) has received $100 million in senior secured debt financing from equity company Prospect Capital Corporation (NASDAQ: PSEC). The financing is meant to be used by Broder to recapitalize the company. Broder's majority stockholder, Littlejohn & Co., worked with Prospect to secure the financing.
"Prospect impressed us with its diligent and efficient underwriting process, helping to recapitalize Broder to position the company for long-term success," said David Simon, a managing director of Littlejohn.
Prospect, which closed approximately $800 million of new originations during the current March 2013 quarter, now has trailing-twelve-month origination investments totaling nearly $3 billion. The company said it expects its Broder investment to help support the company's current management staff. "With our scale team, one of the largest and most experienced in the middle-market, coupled with our deep credit expertise, we are pleased with completing the Broder transaction to support Littlejohn and Broder's experienced management team," said Richard Carratu, a managing director of Prospect Capital Management LLC.