Prospect Capital plans sale of $25-par senior notes due 2022

By Stephanie N. Rotondo

Portland, Ore., April 24 - Prospect Capital Corp. will sell $25-par senior notes due Nov. 15, 2022, the company said in a 497 filing with the Securities and Exchange Commission on Tuesday.

A trader said about 4 million notes will be issued. He had not heard any price talk.

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.

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.

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