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Prospect Capital starts $1 billion preferred stock offering
By James McCandless
San Antonio, Aug. 3 – Prospect Capital Corp. started a $1 billion continuous $25-par preferred stock offering of up to 40 million shares with a dividend of 5.5%, according to a filing with the Securities and Exchange Commission.
Preferred Capital Securities, LLC is the dealer manager.
Dividends are payable monthly.
The company plans to use the proceeds to maintain and enhance balance sheet liquidity, including repayment of debt under its credit facility, if any, investments in high quality short-term debt instruments, or a combination thereof, and to make long-term investments in accordance with its investment objective.
Prospect Capital is a New York-based middle market investment company.
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