Prospect Capital Corporation is providing first lien senior secured term and convertible loans to support Inlet Road Capital Management’s acquisition of Druid City Infusion

NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has provided first lien senior secured term and convertible loans to complete the acquisition of Druid City Infusion, LLC (“Druid “) City”) through investment funds managed by Inlet Road Capital Management, LLC (“Inlet Road”) in collaboration with Druid City’s founders and leadership team.

Druid City is a leading ownership group within the Vital Care Infusion Services (“Vital Care”) franchise system, with Druid City operating nine territories in the Southern and Mountain West regions of the United States. Vital Care is dedicated to providing high quality, safe, convenient and cost-effective infusion therapy services to chronic and acute patients across its extensive national network. With over 160 infusion pharmacies in 35 states, Vital Care is a nationwide home infusion platform.

“Druid City is proud of our growth and the outstanding team we have built over the last 10 years,” said Ryan McFerrin, CEO and co-founder of Druid City. “Our unwavering commitment to patient care and providing superior service to our referral partners will be enhanced as we begin this new chapter with Prospect and Inlet Road.”

“We chose to work with Prospect because of Prospect’s ability to develop a comprehensive financing solution that meets the unique needs of our transaction and the business,” said Brian M. Harrison, Partner at Inlet Road. “Prospect’s collaborative approach and industry expertise make Prospect an ideal group to support Druid City’s growing opportunities in the home infusion sector.”

“The Prospect team was a perfect fit for our transaction, providing our founding partners with complementary industry experience and capital to support the growth of Druid City both organically and through the acquisition of new territories and potentially other franchisees,” said Robert L. Jenkins, Partner at Inlet Street.

“Prospect is pleased to complete this important transaction with Inlet Road,” said Neil Zieses, vice president of Prospect. “We look forward to continued strong performance from Druid City, a company with a compelling value proposition for providing pharmacy, bedside and in-clinic infusion services.”

About Prospect Capital Corporation

Prospect is a business development company that lends to and invests in private companies. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

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Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the safe harbor for forward-looking statements of which does not apply to business development companies. Such statements, other than statements of historical fact, are likely to be influenced by other unknowable future events and conditions, including elements of the future which may or may not be within our control and which we may or may not have taken into account; Accordingly, such statements cannot constitute guarantees or assurances as to any aspect of future performance. It is very likely that actual developments and results will differ materially from those in the forward-looking statements. Such statements speak only as of the date they are made and we undertake no obligation to update such statements now or in the future.

For further information please contact:
Grier Eliasek, President and Chief Operating Officer
[email protected]
Telephone (212) 448-0702