BizCap Delivers $10.75 Financing for Prospect Energy Corporation
Business Capital structured and secured a $10.75M senior secured debt facility for Prospect Energy Corporation (NASDAQ: PSEC), a closed-end investment company that lends to and invests in energy-related businesses and assets. The funding was utilized to refinance existing debt and provide working capital to re-initiate plant operations.
As part of the investment, Prospect received a significant equity ownership position in Worcester Energy Partners (WECO). WECO is a privately owned renewable energy company that operates a wood harvesting and chipping business, as well as a wood-fired power plant which sells electricity and renewable energy credits.
The financing provided by Bizcap allowed Prospect to maximize operations and cash flow, as well as take advantage of significant growth opportunities in the renewable power generation sector with the investment in WECO.