By Wendy Van Sickle
Columbus, Ohio, July 12 – Prospect Capital Corp. priced $150 million of 5.35% cumulative perpetual preferred stock, series A, (Ba2/BB) at par of $25, according to an FWP 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
There is a $22.5 million over-allotment option.
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.
| Issuer: | Prospect Capital Corp.
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| Description: | Series A cumulative perpetual preferred stock
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| Amount: | $150 million
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| Greenshoe: | $22.5 million
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| Maturity: | Perpetual
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| Bookrunners: | Morgan Stanley, RBC Capital Markets and UBS Investment Bank
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| Lead manager: | Goldman Sachs & Co. LLC
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| Co-managers: | Ladenburg Thalmann & Co. Inc., InspereX LLC, Wedbush Securities Inc. and William Blair & Co. LLC
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| Coupon: | 5.35%
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| Price: | Par of $25
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| Yield: | 5.35%
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| Call: | After July 19, 2026 at par plus interest
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| Trade date: | July 12
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| Settlement date: | July 19
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| Ratings: | Moody’s: Ba2
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| S&P: BB
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| Distribution: | SEC registered
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| Expected listing: | NYSE: PSEC PRA
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