Prospect Capital talks $25-par notes due 2024 at 6.25%-6.375%; proceeds to redeem 2015 notes

By Stephanie N. Rotondo

Seattle, Dec. 3 – Prospect Capital Corp. plans to price an offering of $25-par notes due June 15, 2024, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

Price talk is 6.25% to 6.375%, a market source reported.

UBS Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets are the joint bookrunners.

Co-managers include BB&T Capital Markets, Deutsche Bank Securities Inc., FBR Capital Markets, Ladenburg Thalmann & Co. Inc., Maxim Group LLC, MLV & Co. LLC, Oppenheimer & Co. and Wunderlich Securities Inc.

Interest will be payable on the 15th day of March, June, September and December, beginning March 15, 2016. The notes become redeemable Dec. 15, 2018 at par plus accrued interest.

The company intends to list the new securities on the New York Stock Exchange.

Proceeds will be used to redeem outstanding notes due Dec. 15.

Prospect Capital is a New York-based financial services company that lends to and invests in middle market, privately held companies.

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