Prospect Capital Corporation Preferred Stock Offering Cumulative Issuances Exceed $100 Million Across Institutional, Registe...
June 01 2021 - 7:00AM
Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or
“we”) announced today that Prospect’s preferred stock offering of
Series A1, M1, M2, and A2 (the “Preferred Stock”) cumulatively has
issued $105.9 million in aggregate preference amount since the
initial closing in the quarter ending December 31, 2020.
“Prospect’s preferred stock solves for liquidity,
stability, and income and has been met with significant demand
across multiple investor channels, including institutional, RIA,
wirehouse, and independent private wealth investors,” said Grier
Eliasek, President and Chief Operating Officer of Prospect Capital
Corporation.
The Preferred Stock has a stated annual dividend rate of 5.5%,
paid monthly (resulting in an annual percentage yield of 5.64%) and
ranks senior to over $3.6 billion of Prospect’s common stock. The
Preferred Stock is perpetual and convertible into our publicly
traded common stock at the preferred investor’s discretion (with
conversions occurring twice per month, subject to certain
conditions and fees that decline to zero over time, if
applicable).
PCS Capital Securities LLC is a securities broker dealer and the
dealer manager for the Series A1, M1, and M2 ongoing offering
of the Preferred Stock, while UBS Securities LLC served as
underwriter for the recently completed Series A2 offering.
This press release is for informational purposes and is not an
offer to purchase or sell or a solicitation of an offer to buy
these securities, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. The Offering is
being made only by means of the prospectus supplement and the
accompanying prospectus, copies of which may be obtained by writing
to PCS at 3284 Northside Parkway NW, Suite 150, Atlanta, GA
30327.
About Prospect Capital Corporation
Prospect Capital Corporation is a business development company
that focuses on lending to and investing in private businesses.
Prospect’s investment objective is to generate both current income
and long-term capital appreciation through debt and equity
investments.Prospect has elected to be treated as a business
development company under the Investment Company Act of 1940 (“1940
Act”). Prospect is required to comply with a series of regulatory
requirements under the 1940 Act as well as applicable NASDAQ,
federal and state rules and regulations. We have elected to be
treated as a regulated investment company under the Internal
Revenue Code of 1986.
Caution Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, whose safe harbor for forward-looking statements does not
apply to business development companies. Any such statements, other
than statements of historical fact, are highly likely to be
affected by other unknowable future events and conditions,
including elements of the future that are or are not under our
control, and that we may or may not have considered; accordingly,
such statements cannot be guarantees or assurances of any aspect of
future performance. Actual developments and results are highly
likely to vary materially from any forward-looking statements. Such
statements speak only as of the time when made, and we undertake no
obligation to update any such statement now or in the future.
For further information, contact:
Grier Eliasek, President and Chief Operating
Officergrier@prospectcap.comTelephone (212) 448-0702
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