Welcome to our dedicated page for Prospect Capital news (Ticker: PSEC), a resource for investors and traders seeking the latest updates and insights on Prospect Capital stock.
Prospect Capital Corporation reports developments as a business development company that lends to and invests in middle-market, privately held companies. The company seeks current income and long-term capital appreciation through debt and equity investments, including senior secured loans, subordinated debt, preferred equity, structured credit, real estate and syndicated debt.
Recurring PSEC news covers quarterly financial results, monthly common shareholder distributions, preferred stock dividends, portfolio financing activity and updates from portfolio companies. Company announcements also include earnings call schedules, annual and special meeting updates, proxy-related matters and capital actions tied to its common stock, preferred stock series and debt financing.
On July 29, 2021, Prospect Capital Corporation (PSEC) announced funding commitments totaling $202 million to PGX Holdings, Inc. (Progrexion). This includes a $49 million first lien senior secured floating rate term loan and a $153 million second lien senior secured floating rate term loan. Progrexion, a leader in the U.S. consumer credit repair market, aids consumers in correcting inaccuracies in their credit reports. This funding marks the 12th financing since H.I.G. Capital acquired Progrexion in 2010, showcasing Prospect's capability and commitment to flexible financing solutions.
Prospect Capital Corporation (NASDAQ: PSEC) announced the pricing of a public offering of 6 million shares of its newly designated 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock at $25.00 per share, totaling $150 million. The offering will close on July 19, 2021, subject to customary conditions. The company aims to use the proceeds for maintaining balance sheet liquidity, including debt repayment and investments in high-quality short-term debt instruments. Morgan Stanley, RBC Capital Markets, and UBS Investment Bank are the joint book-running managers.
Prospect Capital Corporation (NASDAQ: PSEC) has provided a $55 million first lien senior secured floating rate term loan to support the acquisition of Enseo Holdings, Inc. by an affiliate of H.I.G. Capital. Enseo is a leading U.S. provider of customer experience management technology, catering to sectors such as hospitality, education, and healthcare. The firm boasts over 21 years of experience and serves more than 85 million users annually. This marks the 31st financing collaboration between Prospect and H.I.G., highlighting Prospect's commitment to flexible financing solutions in strategic investments.
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.
Refuel Agency has published research indicating that teens are more responsive to cause-related public service announcements (PSAs) than to influencers, athletes, or celebrities. Key findings reveal that 32% of teens engage with PSAs to learn about pertinent issues, with an 88% higher likelihood to pay attention compared to athletes. Major topics of concern for Gen Z include social equality, mental health, and COVID. Additionally, over 80% of teens report taking action after seeing PSAs, showing that effective marketing targeting this demographic should focus on cause-driven content.
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.