Sutherland Represented Patriot Capital Funding in Merger with Prospect Capital

Sutherland Represented Patriot Capital Funding in Merger with Prospect Capital

Sutherland Asbill & Brennan LLP advised Patriot Capital Funding, Inc., in connection with its merger with Prospect Capital Corporation. The transaction represents the largest acquisition of a business development company by another, unaffiliated business development company, to date. Pursuant to the terms of the merger, each outstanding share of common stock of Patriot was converted into the right to receive 0.363992 shares of Prospect common stock.  In addition, Prospect repaid $107.3 million of debt outstanding under Patriot’s credit facility in conjunction with the closing of the merger. Sutherland advised Patriot on virtually every aspect of the transaction, including corporate, securities, investment company, tax, corporate finance and employee benefit matters.

The Sutherland team included Partners Steven B. Boehm, Harry S. Pangas, Douglas J. Leary, Michael R. Miles, Carol A. Weiser and David A. Roby Jr.  Additional assistance was provided by Associates Owen J. Pinkerton, Brett C. Stohs and Michael D. Schaefer.