Prospect Capital Stock Price, News & Analysis

Prospect Capital Corporation (NASDAQ: PSEC) has announced that its preferred stock offerings surpassed $300 million in aggregate liquidation preferences since December 31, 2020. The company has attracted strong demand from various investor channels due to favorable attributes such as credit support and liquidity. On July 12, 2021, Prospect priced a public offering of $150 million in Series A Preferred Stock, managed by top financial firms including Morgan Stanley and UBS Investment Bank. This press release serves informational purposes and doesn't constitute a sale offer of securities.

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.

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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.