Prospect Capital Corporation Announces New 6.50% Series A3 and M3 for Current Non-Traded Preferred Stock Offering
October 07 2022 - 4:04PM
Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or
“we”) announced today that Prospect has added new 6.50% Series A3
and M3 Preferred Stock to our ongoing offering of up to $1.5
billion of non-traded preferred stock (the “Offering”), which is
being raised in the private wealth, registered investment advisor,
and institutional channels. The Offering has approximately $611
million now available for sale.
The aggregation of this Offering, together with
Prospect’s other preferred stock offerings, has exceeded $1.0
billion in aggregate liquidation preference issuances since the
initial closing in the quarter ending December 31, 2020.
“Prospect’s non-traded preferred stock offers
investors a 6.5% annualized cash dividend paid monthly, a stable
stated value, ongoing twice monthly liquidity, management
investment alignment, regulatory leverage limitations, and
approximately $4 billion of junior common equity credit support."
said Grier Eliasek, President of Prospect. “Prospect is a leading
issuer of non-traded preferred stock, with investors especially
appreciating our non-traded preferred stock downside protection and
stable returns in the current challenging macroeconomic
environment. With multiple liquidity events occurring in the
non-traded registered marketplace with other products this year,
we welcome interest from any such investors and their advisors
regarding Prospect's preferred stock.”
Preferred Capital Securities LLC (“PCS”) is a
securities broker dealer and the dealer manager for the ongoing
Offering of the Series A3 and M3 Preferred Stock. PCS has raised
approximately $3 billion in non-traded preferred stock since its
formation in 2011.
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 ongoing Offering of the Series A3 and M3
Preferred Stock 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
Prospect Capital (NASDAQ:PSEC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Prospect Capital (NASDAQ:PSEC)
Historical Stock Chart
From Jul 2023 to Jul 2024