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Prospect Capital increases commitment to credit facility by $45M

Business development company Prospect Capital Corp. on Aug. 13 increased total commitments to its revolving credit facility for Prospect Capital Funding LLC by $45 million to $770 million in the aggregate.

At Prospect's discretion, the facility may accept up to a total of $1.5 billion of commitments. The $45 million commitment comes from two new lenders. The facility now has a total of 19 lenders.

On Aug. 1, the facility was extended to March 27, 2024, and the interest rate on drawn amounts was reduced to one-month London interbank offered rate plus 2.20%.