Prospect Capital Stock Price, News & Analysis

On June 1, 2021, Prospect Capital Corporation (NASDAQ: PSEC) announced the successful issuance of $105.9 million in preferred stock across multiple series since December 2020. The preferred stock features a 5.5% annual dividend, paid monthly, yielding 5.64% annually, and ranks senior to $3.6 billion of common stock. The offering has attracted significant investor interest from various channels. PCS Capital Securities LLC manages the ongoing offering, while UBS Securities LLC underwrote the recently completed Series A2 offering. The press release emphasizes its informational nature and compliance with regulatory requirements.

Prospect Capital Corporation (PSEC) announced the pricing of $300 million in 3.364% notes due November 15, 2026. The notes will bear interest payable semi-annually and are senior unsecured obligations, ranking equally with existing debts. Proceeds will primarily refinance existing debt, including redemption of 6.25% Senior Notes due 2028. The transaction is managed by RBC Capital Markets, Goldman Sachs & Co. LLC, and Barclays, with expected closure on May 27, 2021. Investors should review associated prospectuses for further details.

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Prospect Capital Corporation (PSEC) reported its fiscal results for the quarter ending March 31, 2021, revealing a net income of $246 million, translating to $0.64 per share. Net Investment Income stood at $73.4 million, or $0.19 per share, with a distribution of $0.18 per share to common shareholders. The company declared future monthly distributions of $0.06 per share, maintaining a consistent payout. Its net asset value increased to $3.63 billion, with a NAV per share of $9.38. The firm has implemented several initiatives to boost NII per share, including a $1 billion preferred stock offering.

Prospect Capital Corporation (NASDAQ: PSEC) announced plans to file its Form 10-Q for the fiscal third quarter ending March 31, 2021, on May 10, 2021, after market close. An earnings press release will also be issued the same day. Additionally, a conference call is scheduled for May 11, 2021, at 11:00 a.m. ET, where investors can participate by dialing 888-338-7333 or via a live webcast. The company focuses on lending to and investing in private businesses for current income and long-term capital appreciation.

On April 23, 2021, Prospect Capital Corporation (NASDAQ: PSEC) announced progress in its continuous preferred stock offering of up to 40 million shares with a $1 billion liquidation preference. Since the initial closing in December 2020, $80.6 million has been issued, including $19.7 million since mid-March 2021. The preferred stock offers a 5.5% annual dividend, paid monthly, and ranks senior to over $3.4 billion of common stock. It is convertible into common stock at the investor's discretion. The press release also emphasizes prospective returns and business development strategies.

Prospect Capital Corporation has initiated two cash tender offers to repurchase up to $30 million of outstanding 5.875% Senior Notes due 2023 and 6.375% Notes due 2024. The offers expire on May 5, 2021. The consideration for the 2023 Notes is $1,041.50 per $1,000 principal, and for the 2024 Notes, it is $1,075.00 per $1,000. Tendered notes can be withdrawn before the expiration date. D.F. King & Co., Inc. is the Information and Tender Agent for these offers.

Prospect Capital Corporation has completed its cash tender offer, expiring on March 29, 2021, to purchase outstanding 5.875% Senior Notes due 2023. A total of $726,000 of notes were validly tendered by the expiration time. The consideration for accepted notes will be $1,042.00 for each $1,000 principal, plus accrued interest. The settlement date for the transaction is projected to be March 11, 2021. This tender offer aims to enhance the company's financial flexibility while managing its debt portfolio.

Prospect Capital Corporation has launched a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2023, totaling $285.78 million. The offer expires on March 29, 2021, with settlement expected by April 1, 2021. Each $1,000 principal amount of validly tendered notes will receive $1,042, plus accrued interest. The Tender Offer is not contingent on a minimum amount being tendered and allows for valid withdrawals until the expiration time. D.F. King & Co., Inc. acts as the Information and Tender Agent.