Prospect Capital Stock Price, News & Analysis

Prospect Capital Corporation (NASDAQ: PSEC) announced the pricing of $25 million in additional 3.706% notes due 2026, issued on February 17, 2021. This issuance is part of a larger total of $400 million in notes due 2026. The Notes will have identical terms to previously issued notes and will mature on January 22, 2026. The funds raised will primarily be used to refinance existing debt and maintain liquidity. Investors are encouraged to read the associated prospectus for detailed information.

Prospect Capital Corporation has announced the pricing of $50 million in additional 3.706% notes due 2026, bringing the total to $375 million. Issued on February 12, 2021, this issuance will share terms with the existing notes, maturing on January 22, 2026. The notes will yield 3.706% annually, with interest payable semi-annually starting July 22, 2021. Proceeds will primarily refinance existing debt and enhance liquidity for future investments. The offering is managed by Goldman Sachs and co-managed by Barclays and RBC Capital Markets.

Prospect Capital Corporation (NASDAQ: PSEC) reported strong financial results for Q1 2021, with Net Investment Income (NII) of $81.56 million, up from $57.55 million in Q4 2020. The NII per share increased to $0.21, and net income rose to $305.97 million from a loss of $11.20 million year-over-year. The company declared monthly distributions of $0.06 per share for February to April 2021, maintaining a 10.7% annualized distribution yield. With total assets at $5.7 billion and a net asset value per share of $8.96, PSEC aims to enhance NII through various strategic initiatives.

Prospect Capital Corporation has initiated a cash tender offer for up to $30,000,000 of its 4.95% Senior Convertible Notes due 2022. The tender offer, expiring on March 2, 2021, aims to purchase notes with a total outstanding principal amount of $136,228,000. Investors will receive $1,030.00 for each validly tendered $1,000 principal amount, plus accrued interest. If total tenders exceed the $30 million target, proration will apply. D.F. King & Co., Inc. is the appointed Information and Tender Agent.

Prospect Capital Corporation (NASDAQ: PSEC) announced the pricing of $325 million in 3.706% notes maturing on January 22, 2026. Interest on the notes will be paid semi-annually starting July 22, 2021. The proceeds aim to refinance existing debt, including redeeming 6.25% Notes due 2024, and to enhance liquidity for future investments. Barclays, RBC Capital Markets, and Goldman Sachs are joint book-running managers, with the closing expected on January 22, 2021. Investors should review the associated prospectus for risks and detailed information.

Prospect Capital Corporation announced a cash tender offer to buy up to $20 million of its 6.375% Convertible Notes due 2025. The offer will expire at 12:00 midnight on January 27, 2021. For each $1,000 principal amount of Notes tendered, the payment will be $1,110 plus accrued interest. If more than $20 million is tendered, a proration factor will apply. The offer is not contingent on a minimum amount of Notes being tendered and could be amended or terminated by the company at any time.

Prospect Capital Corporation (NASDAQ: PSEC) has acquired $25 million in first lien senior secured floating rate notes to support the recapitalization of KM² Solutions, LLC, led by H.I.G. Capital. KM² specializes in business process outsourcing, serving finance and healthcare markets. This marks the 30th financing collaboration between Prospect and H.I.G. According to Jason Wilson from Prospect, this investment validates KM²'s customer value proposition, and the company aims to enhance its growth initiatives under new management.

Prospect Capital Corporation announced a cash tender offer for its outstanding 4.95% Senior Convertible Notes due 2022, totaling $162,922,000. The offer will expire on January 15, 2021, with a purchase price of $1,035.00 per $1,000 principal amount of notes tendered, plus accrued interest. This tender offer is not conditioned on minimum participation and gives holders the option to withdraw their tendered notes before the expiration date. The company has engaged D.F. King & Co., Inc. as the tender agent.

Prospect Capital Corporation (NASDAQ: PSEC) has announced the acquisition of $29 million in first lien senior secured floating rate notes to finance the recapitalization of Thermal Product Solutions, Inc. (TPS). TPS, a leading manufacturer of industrial ovens and test chambers, has been in operation since 1912, serving major Fortune 500 companies. The financing aims to enhance TPS's growth across various sectors, including aerospace and pharmaceuticals. The collaboration is built on Prospect's extensive experience in the capital equipment industry.