Skadden Steers Prospect Capital In $326M Auto Lender Buy

Law360, New York (December 18, 2013, 7:41 PM EST) -- Private equity firm Prospect Capital Corp. has agreed to buy Nicholas Financial Inc., an auto loan provider with offices in 15 states, for $326 million, the companies said Wednesday.

The deal values Nicholas at $199 million, with the rest going to pay down its $127 million in debts. Prospect Capital said it would refinance the business using a $250 million revolving credit facility from Bank of America NA and Wells Fargo Bank NA and its own resources.

The private equity firm had acquired Nicholas rival Nationwide...
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