By Stephanie N. Rotondo
Portland, Ore., April 24 - Prospect Capital Corp. priced a $100 million issue of 6.95% $25-par senior notes due Nov. 15, 2022, a market source reported Tuesday.
There is a $20 million over-allotment option.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Securities LLC are the joint bookrunners. The co-managers are Barclays Capital Inc. and RBC Capital Markets LLC. BB&T Capital Markets is the junior co-manager.
Interest will be payable on the 15th of February, May, August and November beginning Aug. 15.
The notes can be redeemed on or after May 15, 2015.
The company will apply to list the notes on the New York Stock Exchange. Settlement is expected May 1.
Proceeds will be used initially to maintain balance sheet liquidity and then to make long-term investments.
Prospect Capital is a New York-based financial services company that primarily lends to and invests in middle-market privately held companies.
| Issuer: | Prospect Capital Corp.
|
| Securities: | Senior notes
|
| Amount: | $100 million, or 4 million notes
|
| Greenshoe: | $20 million
|
| Maturity: | Nov. 15, 2022
|
| Coupon: | 6.95%, payable quarterly
|
| Face amount: | $25
|
| Call options: | On or after May 15, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Securities LLC
|
| Co-managers: | Barclays Capital Inc. and RBC Capital Markets LLC
|
| Junior co-manager: | BB&T Capital Markets
|
| Pricing date: | April 24
|
| Settlement date: | May 1
|
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