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Prospect Capital details continuous preferred stock offering tally
Chicago, March 15 – Prospect Capital Corp. gave an update on its continuous $1 billion $25-par preferred stock offering, according to a press release.
The company announced that it has raised $60.9 million in aggregate principal amount since the initial closing in the quarter ending Dec. 31, 2020.
The company can issue up to 40 million shares of 5.5% series A1 preferred stock, 5.5% series M1 preferred stock and 5.5% series M2 preferred stock.
The preferred stock is perpetual and convertible into publicly traded common stock at the preferred investor’s discretion, with conversions occurring twice per month, subject to certain conditions and fees that decline to zero over time.
Prospect Capital is a New York-based middle market investment company.
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