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 (NASDAQ: PSEC) is a closed-end investment company that publicly reports on its lending and investment activities, capital structure and shareholder distributions. News about PSEC often centers on its middle market lending strategy, real estate investments through National Property REIT Corp. (NPRC), and portfolio activity across private companies in multiple industries.
Company press releases and Form 8-K filings provide regular updates on financial results, including net investment income, net income or loss applicable to common shareholders, distributions to common shareholders, net asset value to common shareholders and portfolio composition. Prospect also announces monthly cash distributions to common shareholders and dividends on its various series of preferred stock, detailing record dates, payment dates and per-share amounts.
Investors following PSEC news will see coverage of institutional funding transactions, such as the pricing and issuance of 5.5% Series A senior unsecured Notes due 2030 and their expected listing on the Tel Aviv Stock Exchange. The company also reports on capital and liquidity metrics, including its revolving credit facility, program notes and other unsecured debt, as well as the retirement of existing debt maturities.
Prospect’s news flow includes portfolio developments, such as the acquisition of QC Holdings, Inc., a provider of consumer credit, and new investments in companies like Healthcare Venture Partners, LLC and Verify Diagnostics LLC. Updates on real estate exits and performance at NPRC, along with information on non-accrual loans and yields across the portfolio, are also disclosed. For shareholders, announcements about the annual and special meetings, proxy materials and voting procedures provide insight into governance and stockholder engagement.
By monitoring this PSEC news page, readers can review the company’s official communications on earnings, distributions, capital raising, portfolio transactions and corporate actions as they are released.
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.
Prospect Capital Corporation (Nasdaq: PSEC) announced its annual meeting of stockholders will be held virtually on December 2, 2020, at 3:30 p.m. EST due to COVID-19 safety concerns. Stockholders must use a 16-digit control number to participate in the meeting via webcast. Those holding shares in 'street name' should follow their broker’s instructions for obtaining this number. The meeting agenda remains unchanged from the previously mailed proxy statement dated September 28, 2020. Stockholders are encouraged to vote in advance and attend the meeting early.
Prospect Capital Corporation announced cash tender offers for up to $30 million of its 5.875% Senior Notes due 2023 and $10 million of its 6.375% Notes due 2024. The offers expire on December 16, 2020. Holders of 2023 Notes will receive $1,050 per $1,000 principal amount, while those with 2024 Notes will receive $1,080. The company retains the right to amend or terminate the offers. Validly tendered notes can be withdrawn prior to the expiration date.
Prospect Capital Corporation (PSEC) reported Q1 fiscal 2021 net investment income of $57.5 million, or $0.15 per share, down from $71.1 million or $0.19 per share year-over-year. Total net income surged to $167.7 million from $18.1 million a year prior, with per share net income at $0.45. Distributions remain stable at $0.18 per share. Notably, NAV increased to $8.40 from $8.18 quarter-over-quarter. PSEC announced cash distributions of $0.06 per share for the next three months, yielding 14.5% based on a share price of $4.97. The company plans to enhance NII through various strategic initiatives.
Prospect Capital Corporation (NASDAQ: PSEC) will file its Form 10-Q on November 9, 2020, detailing fiscal Q1 results ending September 30, 2020. The earnings press release will also be issued on the same day post-market close.
A conference call is scheduled for November 10, 2020, at 11:00 a.m. ET. Investors can participate via dial-in or listen to a live webcast on the company’s website.
Prospect Capital Corporation has initiated a cash tender offer to purchase all outstanding 4.95% Senior Convertible Notes due in 2022, totaling $222,785,000. The offer expires at midnight on November 17, 2020, with a consideration of $1,026.25 per $1,000 principal, plus accrued interest. Validly tendered notes can be withdrawn before the expiration. The settlement is expected within three business days following the expiration, contingent on conditions being met. D.F. King & Co., Inc. is the appointed Information and Tender Agent for the notes.
Prospect Capital Corporation has initiated a cash tender offer for its outstanding 4.95% Senior Convertible Notes due 2022, totaling $228.82 million. This offer, which is set to expire on October 2, 2020, will allow holders to exchange $1,010 principal amount of notes for $1,000, plus accrued interest. The company anticipates the settlement date to occur within three business days following this expiration, contingent upon all conditions being satisfied or waived. The tender offer is not conditional on a minimum number of notes being tendered.
Prospect Capital Corporation (PSEC) reported financial results for its fiscal year ending June 30, 2020. Net Investment Income (NII) totaled $265.7 million, down from $312.9 million year-over-year, with NII per share at $0.72. The net loss was $16.2 million, or $0.04 per share, contrasting with a profit of $144.5 million the previous year. Despite lower NII, the company declared regular distributions of $0.18 per share, maintaining a 13.9% annualized yield. As of June 30, 2020, NAV per share decreased to $8.18 from $9.01 a year earlier. Total investments reached $5.23 billion, while insider ownership increased to over 27%.
Prospect Capital Corporation (NASDAQ: PSEC) announced it will file its Form 10-K report for the fiscal year ending June 30, 2020, on August 26, 2020, after market close. An earnings press release will accompany this filing. The company will host a conference call on August 27, 2020, at 11:00 a.m. ET, with a dial-in number of 888-338-7333. A replay will be available for 30 days. The conference call can also be accessed via a webcast on the company’s website.