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 has initiated a cash tender offer to purchase its 5.875% Senior Notes due 2023, amounting to $283,872,000. The offer will expire on October 21, 2022, with expected settlement on October 26, 2022. Each validly tendered note will receive $985.00, plus accrued interest. The offer is not contingent on a minimum amount being tendered and may be amended or extended by the company. This announcement serves informational purposes only and does not constitute a solicitation for securities.
On October 7, 2022, Prospect Capital Corporation (NASDAQ: PSEC) announced the addition of new 6.50% Series A3 and M3 Preferred Stock to its offering of up to $1.5 billion in non-traded preferred stock, currently with approximately $611 million available for sale. The total liquidation preference for all preferred stock offerings has exceeded $1 billion since December 2020. This stock provides a 6.5% annualized cash dividend, monthly payments, and liquidity options, appealing to investors seeking stable returns amid market challenges.
Prospect Capital Corporation announced the results of its cash Tender Offer to purchase outstanding senior notes due in 2023. As of the September 23, 2022 expiration, a total of $347,000 of the notes were validly tendered. The company plans to pay $980 per $1,000 principal amount of the accepted notes, along with accrued interest. The settlement date is projected to be September 28, 2022. For additional details, interested parties can contact D.F. King & Co., Inc., the information and tender agent for the offer.
On September 19, 2022, Prospect Capital Corporation announced a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2023, totaling $284.2 million. The offer will expire on September 23, 2022, unless extended. Each $1,000 principal amount of Notes will be bought for $980.00 plus accrued interest. The settlement is expected on September 28, 2022. The company retains the right to amend or terminate the offer at any time. D.F. King & Co., Inc. is the agent for this tender.
On September 9, 2022, Prospect Capital Corporation (NASDAQ: PSEC) reported that its preferred stock offerings exceeded $1 billion in aggregate liquidation preference since late 2020. Currently, approximately $645 million of Series A1, M1, and M2 Preferred Stock is available for sale. Additionally, Prospect announced an extension and upsizing of its revolving credit facility, effective September 15, 2022, increasing commitments from $1.500 billion to $1.584 billion from 44 lenders. The facility's term was extended for five years, securing significant funding for future investment opportunities.
Prospect Capital Corporation (PSEC) reported mixed financial results for the fiscal year ending June 30, 2022. Net Investment Income (NII) rose to $343.9 million, or $0.81 per share, up from $285.7 million, or $0.74 per share, in the previous year. However, net income applicable to common shareholders fell significantly to $556.6 million, or $1.43 per share, from $962.1 million, or $2.51 per share. Distributions remained stable at $0.72 per share. As of June 30, 2022, total investments increased to $7.6 billion, while Net Asset Value (NAV) per share reached $10.48. The company declared ongoing monthly distributions of $0.06 per share for September and October 2022, maintaining a robust yield of 9.2%.
Prospect Capital Corporation (NASDAQ: PSEC) has rescheduled its fourth-quarter financial results release to August 29, 2022. The Annual Report on Form 10-K for the fiscal year ended June 30, 2022, will be filed on this date. Additionally, the conference call to discuss these results has been moved to August 30, 2022, at 11:00 a.m. ET, with a dial-in number provided for participants. A live webcast will also be available, and a recording of the call will be accessible for 30 days following the event.
Prospect Capital Corporation (NASDAQ: PSEC) plans to file its Form 10-K on August 24, 2022, reporting fiscal results for the year ended June 30, 2022. The earnings announcement will coincide with the filing, occurring after market closure. Following this, a conference call is scheduled for August 25, 2022, at 12:00 p.m. ET. Interested parties can join via a dial-in number, and a recording will be accessible for 30 days. Prospect Capital focuses on private business lending, aiming for current income and long-term capital growth.
Prospect Capital Corporation (NASDAQ: PSEC) raised over $100 million in its recent closing of the Series A1, M1, and M2 Preferred Stock offerings, totaling approximately $687 million sold to date. The offering size increased from $1 billion to $1.5 billion, now allowing for $813 million more to be sold. Since December 2020, these Preferred Stock issuances have exceeded $840 million. The company's President highlighted the recurring cash income and liquidity benefits of the preferred stock. The offering is managed by Preferred Capital Securities LLC, which has raised about $3 billion since 2011.
On June 9, 2022, Prospect Capital Corporation (NASDAQ: PSEC) announced an increase in its Series A1, M1, and M2 Preferred Stock offering from $1 billion to $1.5 billion. Approximately $565 million has already been raised, leaving $935 million available. This initiative has collectively exceeded $700 million in aggregate liquidation preference since December 2020. President Grier Eliasek emphasized the stable cash income and liquidity of these offerings. Preferred Capital Securities LLC is the dealer manager for this offering, having raised approximately $3 billion since 2011.