By Marisa Wong
Los Angeles, May 19 – Prospect Capital Corp. priced $4,675,000 of 5.5% $25-par series A2 preferred stock at a public offering price of $22.50 per share for proceeds of $4,207,500, according to an FWP filing with the Securities and Exchange Commission.
UBS Securities LLC is the bookrunner.
The preferred stock is convertible at the option of the holder prior to its listing on a securities exchange and is freely callable after five years, as previously reported.
Proceeds will be used to enhance liquidity, repay debt under the company’s credit facility and invest in high-quality short-term debt instruments.
Prospect Capital is a New York-based business development company.
| Issuer: | Prospect Capital Corp.
|
| Issue: | Series A2 preferred stock
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| Amount: | $4,675,000, or 187,000 shares
|
| Liquidation preference: | $25.00
|
| Proceeds: | $4,207,500
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| Maturity: | Perpetual
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| Bookrunner: | UBS Securities LLC
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| Dividend: | 5.5%
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| Price: | $22.50
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| Conversion option: | At the option of the holder prior to listing on a securities exchange
|
| Call option: | After five years
|
| Pricing date: | May 19
|
| Settlement date: | May 26
|
| Rating: | Egan-Jones: BBB-
|
| Cusip: | 74348T664
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