Prospect closes $197M purchase of Patriot Capital

AP News
Posted: Dec 02, 2009 5:06 PM

Investment firm Prospect Capital Corp. said it completed its $197 million acquisition of Patriot Capital on Wednesday.

The cash-and-stock deal, announced in August, included $107.3 million to pay off all Patriot debt.

Patriot Capital, which arranges financing for small businesses, paid a final distribution to its shareholders of 38 cents per share immediately prior to the buyout. The dividend was 10 percent in cash, or $821,000 total, and 90 percent in newly issued shares of Patriot common stock.

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Prospect share closed up a penny at $10.99.