Prospect Capital Corporation (NASDAQ:PSEC) announced that Prospect in the June 2015 quarter provided Global Employment Solutions, Inc. (“GES”), an existing portfolio company of Prospect, with an incremental $21.4 million of first lien senior secured floating rate debt to support the acquisition of Information Technology Engineering Corporation (“ITEC”).

Headquartered in Littleton, Colorado, GES is one of the fastest-growing providers of specialty staffing solutions in North America, offering contract and permanent placement staffing services, with a strategic focus on the information technology (“IT”) segment. GES operates under two nationwide brands: Global Employment Solutions, which provides professional contract staffing and permanent placement services, and Fahrenheit IT, which provides IT contract and permanent placement staffing solutions.

Founded in 1999 and headquartered in Aurora, Colorado, ITEC is a market leader in delivering cost-effective and individually-tailored technical staffing solutions. As a member of the National Association of Government Contractors, ITEC specializes in providing technical support and solutions for mission-critical engineering, communications, software, and systems development applications.

“Prospect provided the additional capital necessary to fund the complementary business combination of GES and ITEC, which we believe is a best in class staffing firm,” said Jason Wilson, a Managing Director of Prospect Capital Management L.P. “The combination represents an opportunity for both companies to better serve customers and employees.”

Prospect closed approximately $2.0 billion of new originations for the twelve months ended June 30, 2015. (Original Source)

Shares of Prospect Capital Corp. closed yesterday at $7.37 . PSEC has a 1-year high of $11.05 and a 1-year low of $7.18. The stock’s 50-day moving average is $7.68 and its 200-day moving average is $7.99.

On the ratings front, MLV & Co. analyst Christopher Nolan maintained a Buy rating on PSEC, with a price target of $9, in a report issued on May 7. The current price target represents a potential upside of 22.1% from where the stock is currently trading.

According to, Nolan has a total average return of -2.5%, a 38.6% success rate, and is ranked #3125 out of 3683 analysts.

Prospect Capital Corporation is a closed-end investment company. It invests in senior and subordinated debt and equity of companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes.