Prospect Capital plans to offer $25-par perpetual preferred stock

By Rebecca Melvin

Concord, N.H., July 12 – Prospect Capital Corp. is offering $25-par cumulative perpetual preferred stock, series A, according to a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley, RBC Capital Markets and UBS Investment Bank are the joint bookrunners.

Goldman Sachs & Co. LLC is the lead manager.

Co-managers are Ladenburg Thalmann, InspereX, Wedbush Securities and William Blair.

The notes are callable after five years at par plus accrued interest.

Prospect Capital plans to use the proceeds to repay debt under its credit facility and invest in high quality short-term debt investments.

The company intends to list the notes on the New York Stock Exchange under the symbol “PSEC PRA.”

Prospect Capital is a New York City-based asset management company.

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