New Issue: Prospect Capital sells $325 million 3.706% five-year notes at 350 bps over Treasuries

By Wendy Van Sickle

Columbus, Ohio, Jan. 14 – Prospect Capital Corp. priced $325 million of 3.706% five-year senior notes (Baa3/BBB-//Kroll: BBB-/Egan-Jones: BBB) on Thursday at 98.76 to yield 3.982%, or a spread of Treasuries plus 350 basis points, according to an FWP filing with the Securities and Exchange Commission.

Barclays, RBC Capital Markets, LLC and Goldman Sachs & Co. LLC were the bookrunners.

Lead managers were KeyBanc Capital Markets Inc., BNP Paribas Securities Corp., CIBC World Markets Corp. and Mizuho Securities USA Inc.

The New York-based asset management company plans to use the proceeds to repay borrowings under its revolving credit facility and to refinance debt.

Issuer:	Prospect Capital Corp.
Amount:	$325 million
Description:	Senior notes
Maturity:	Jan. 22, 2026
Bookrunners:	Barclays, RBC Capital Markets, LLC and Goldman Sachs & Co. LLC
Lead managers:	KeyBanc Capital Markets Inc., BNP Paribas Securities Corp., CIBC World Markets Corp. and Mizuho Securities USA Inc.
Senior co-managers:	Truist Securities, Inc., Comerica Securities, Inc., R. Seelaus & Co., LLC and UBS Securities LLC
Junior co-managers:	Incapital LLC and National Securities Corp.
Coupon:	3.706%
Price:	98.76
Yield:	3.982%
Spread:	Treasuries plus 350 bps
Call features:	Make-whole call before Dec. 22, 2025 at the greater of par or Treasuries plus 50 bps; thereafter at par
Change-of-control put:	100%
Trade date:	Jan. 14
Settlement date:	Jan. 22
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Kroll: BBB-
	Egan-Jones: BBB
Distribution:	SEC registered

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