[Form 4] ANI Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Prospect Capital Corporation (PSEC) intends to issue three new series of senior unsecured Prospect Capital InterNotes® under its shelf registration (File No. 333-269714):

• 7.500% Notes due 7/15/2028 (CUSIP 74348GWF3)
• 7.750% Notes due 7/15/2030 (CUSIP 74348GWG1)
• 8.000% Notes due 7/15/2032 (CUSIP 74348GWH9)

Each tranche will be sold in $1,000 denominations at modest discounts to par (selling concessions 1.125% / 1.700% / 1.950%) and will accrue interest from the 7/24/2025 settlement date, payable semi-annually on 1/15 and 7/15, commencing 1/15/2026. The notes are callable at 100% of principal beginning 1/15/2026 and daily thereafter. A Survivor’s Option allows early repayment upon the death of the beneficial owner, subject to annual volume caps.

The offering is being marketed by InspereX (purchasing agent) with Citigroup and RBC Capital Markets as agents. Net proceeds (after concessions) were not disclosed in dollar terms but will be used for general corporate purposes.

Capital structure implications: As of 2/8/2023, PSEC had $1.9 billion of unsecured senior debt and $0.7 billion of secured debt outstanding. The new issuance will add incremental fixed-rate leverage at coupons materially above the company’s prior 3.7%–6.4% public notes, signalling a higher cost of capital environment. Management recently refinanced its $342.9 million 3.706% 2026 notes—tendering $135.7 million and redeeming the remaining $207.2 million—thus eliminating that maturity but replacing it with higher-coupon paper.

Recent portfolio activity: Between May 29 and July 1, 2025, PSEC sold $324.6 million (cost basis) of subordinated structured notes for $74.6 million in gross proceeds, extended $39.6 million of first-lien financing to National Property REIT Corp. and received $19 million in repayments. On 6/30/2025 the company closed the acquisition of QC Holdings, Inc., investing $55 million in senior secured debt and $22.3 million in common equity.

Company profile: PSEC is an externally managed BDC with $7.9 billion in assets and 130 portfolio companies/CLO positions as of 12/31/2022. The performing interest-bearing portfolio yielded 12.9% (10.3% overall). The credit facility (outstanding $744.7 million on 2/8/2023) is secured and structurally senior to the new notes.

Key investor considerations:

• High coupons (7.5%-8.0%) increase interest expense but lock in fixed funding before the Federal Reserve’s next rate cycle shift.
• Notes rank pari passu with existing unsecured obligations and are effectively subordinated to secured debt.
• Indenture contains limited protective covenants; no change-of-control put or financial maintenance tests.
• Liquidity events—callable at par after 6 months—introduce reinvestment risk if rates fall.

Positive

• Extends debt maturities to 2028-2032, reducing near-term refinancing risk after retiring 2026 notes.
• Fixed coupons secure funding costs in a volatile rate environment, aiding interest-expense predictability.
• Active liability management—completed tender/redemption of older notes and opportunistic asset sales to generate liquidity.

Negative

• Higher interest expense (7.5%-8.0% coupons) increases leverage cost versus prior 3.7% notes.
• Limited covenants provide minimal protection for noteholders; notes are effectively subordinated to $0.7 billion secured debt.
• Significant realized losses on structured-note disposals ($74.6 million proceeds vs $324.6 million cost) indicate asset-valuation pressure.

Insights

Fixed-Income Analyst

TL;DR — PSEC replaces low-cost 2026 notes with 7.5-8.0% paper, boosting liquidity but raising funding costs.

The three-tranche InterNotes issuance totals an undetermined principal but will likely match or exceed the $342.9 million recently retired 3.706% 2026 notes. While the transaction smooths the maturity schedule and extends duration to 2028-2032, the coupons are more than double the retired notes, implying annual pre-tax interest outlays could rise by ~$12-14 million per $200 million issued. Given PSEC’s 12.9% loan yield and floating-rate asset mix, spread capture remains positive, yet incremental leverage tightens asset-coverage cushions. From a bondholder’s view, the call at par after only six months and the limited covenant package dilute long-term upside; however, yield-hungry investors receive investment-grade–rated senior notes from one of the largest BDCs.

BDC Sector Specialist

TL;DR — Higher coupons reflect sector-wide funding repricing; leverage and asset sales warrant monitoring.

PSEC continues to actively manage liabilities—tendering and redeeming low-coupon notes, tapping retail demand for high-yield fixed-rate debt and downsizing structured-note exposure. The QC Holdings acquisition and fresh lending to NPRC suggest management still sees attractive risk-adjusted opportunities, but the 77% realized loss on subordinated structured note sales highlights mark-to-market pressure. Net leverage will rise unless proceeds are used to pay down the revolver. Given the BDC’s scale, diversified book and statutory asset-coverage limits, the issuance is not alarming, yet the elevated coupon signals more expensive capital across the sector.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cook Meredith

(Last) (First) (Middle)

C/O ANI PHARMACEUTICALS, INC.

210 MAIN STREET WEST

(Street)

BAUDETTE MN 56623

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ANI PHARMACEUTICALS INC [ ANIP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SR. VP, GENERAL COUNSEL & SEC.

3. Date of Earliest Transaction (Month/Day/Year)
07/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/14/2025		S(1)		400	D	$64.88	78,945	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 17, 2024.

Remarks:

	/s/ Meredith W. Cook	07/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What are the key terms of PSEC’s new 7.5%–8.0% InterNotes?

Coupons: 7.500% (2028), 7.750% (2030), 8.000% (2032); Denomination: $1,000; Pay: semi-annual; Callable: at 100% starting 1/15/2026.

How does the new debt rank within Prospect Capital’s capital structure?

The notes are senior unsecured obligations, ranking pari passu with existing unsecured notes and subordinate to $0.7 bn secured borrowings under the credit facility.

Why is Prospect Capital issuing higher-coupon notes now?

Proceeds bolster liquidity and refinance 2026 notes already redeemed; market yields have risen, so new debt prices at 7.5%–8.0%.

Does the issuance affect dividends for PSEC shareholders?

Dividend policy isn’t directly addressed; however, higher interest expense could pressure distributable income if asset yields don’t offset costs.

What recent portfolio actions were disclosed?

PSEC sold $324.6 mn (cost) of structured notes for $74.6 mn, funded $39.6 mn to NPRC, received $19 mn repayments, and acquired QC Holdings with $77.3 mn invested.

Is there an early-repayment feature for heirs?

Yes. A Survivor’s Option allows heirs to redeem notes at par, subject to annual issuer caps of the greater of $2 mn or 2% of outstanding notes.

Who are the agents on this offering?

InspereX is purchasing agent; Citigroup Global Markets and RBC Capital Markets act as agents under the Selling Agent Agreement.