Prospect Capital begins capped tenders for 4.75%, 4.95% convertibles

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Prospect Capital Corp. began tender offers to purchase for cash up to $10 million of its $175,429,000 of outstanding 4.75% senior convertible notes due 2020 and up to $50 million of its $305,559,000 of outstanding 4.95% senior convertible notes due 2022, according to a press release.

The offers will expire at midnight ET on Dec. 7.

The consideration for each $1,000 principal amount of tendered 2020 notes will be $1,005.50, plus accrued interest, if any.

The consideration for each $1,000 principal amount of tendered 2022 notes will be $1,025.50, plus accrued interest, if any.

If the amount of convertibles tendered exceeds the cap for either series, the tendered convertibles will be accepted on a pro rata basis.

The settlement date is expected to occur within three business days following the expiration date.

RBC Capital Markets, LLC (212 618-7843 or 877 381-2099) is the dealer manager.

D.F. King & Co., Inc. (212 269-5550 banks and brokers, 877 297-1744 toll free or via psec@dfking.com) is the information agent and tender agent.

Prospect Capital is a New York-based asset management company.

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