Prospect Capital updates with $80.6 million tally of preferreds issued

Chicago, April 23 – Prospect Capital Corp. issued an update on its continuous preferred stock offering, announcing that the company has issued $80.6 million in total preference amount since the initial closing in the quarter ending Dec. 31, according to a press release.

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.

Since March 15, the company has issued $19.7 million of preferreds.

The preferred stock has a 5.5% dividend, paid monthly with an annual yield of 5.64% and ranks senior to Prospect’s $3.4 billion of common stock.

The preferred stock is perpetual and convertible into the common stock at the investor’s discretion, with possible conversions occurring twice a month.

Prospect Capital is a New York-based middle market investment company.

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