Prospect Capital Corporation reported that it has provided a first lien senior secured term loan, a first lien senior secured convertible term loan and a preferred equity investment to Taos Footwear Holdings, LLC, aggregating $65 million, in collaboration with Taos Footwear’s Founder and leadership team.
“Prospect is excited about our investment in Taos Footwear and is pleased to complete this important transaction alongside the Taos Footwear team,” said Robert Melman, managing director of Prospect Capital Corporation.
“Taos Footwear is a leading brand providing an array of innovative and supportive footwear products to its vast customer base. We look forward to supporting the company’s continued growth,” continued Melman.
Taos Footwear manufactures supportive footbeds for the lifestyle footwear industry for over 20 years.
“During the last 20 years, the Taos Footwear team has developed differentiated products meeting the needs of our loyal customers, resulting in significant growth for our company,” said Founder and CEO Glen Barad. “As the business has scaled, we saw a need for a value-added collaborator that could offer both capital and strategic expertise to elevate our brand. Prospect is the ideal fit to help us achieve our vision and drive continued success.”
Prospect Capital Corporation is a “business development company lending to and investing in private businesses.” The company’s investment objective is to “generate both current income and long-term capital appreciation through debt and equity investments.”
Prospect said it has elected to be treated as a “business development company under the Investment Company Act of 1940 and treated as a regulated investment company under the Internal Revenue Code of 1986.”
Taos Footwear is headquartered in Gardena, CA
Image courtesy Taos Footwear
