By James McCandless
San Antonio, May 31 – Prospect Capital Corp. priced $50 million of 6.25% notes due 2028 at par of $25, according to an FWP filing with the Securities and Exchange Commission.
UBS Investment Bank, Morgan Stanley and RBC Capital Markets are the joint bookrunners.
The deal was announced on Thursday morning.
There is a $7.5 million over-allotment option.
The notes will be callable after three years.
Prospect Capital plans to use the proceeds to repay borrowings on its credit facility. Remaining proceeds may possibly be invested in short-term investments, to make long-term investments in line with the issuer’s investment objective and to repurchase unsecured notes.
The company intends to list the notes on the New York Stock Exchange.
Prospect Capital is a New York City-based asset management company.
Issuer: | Prospect Capital Corp.
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Description: | Notes
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Amount: | $50 million
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Greenshoe: | $7.5 million
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Maturity: | June 15, 2028
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Bookrunners: | UBS Investment Bank, Morgan Stanley and RBC Capital Markets
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Lead managers: | Citigroup and Ladenburg Thalmann
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Co-managers: | BB&T Capital Markets, B. Riley FBR, Incapital and Maxim Group LLC
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Coupon: | 6.25%
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Price: | Par of $25
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Yield: | 6.25%
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Call: | On or after June 15, 2021 at par
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Trade date: | May 31
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Settlement date: | June 7
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Ratings: | S&P: BBB-
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| Kroll: BBB (expected)
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Distribution: | SEC registered
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Expected listing: | NYSE: PBY
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