By Stephanie N. Rotondo
Seattle, Dec. 3 – Prospect Capital Corp. priced $150 million of 6.25% $25-par unsecured notes due June 15, 2024, according to a press release published on Thursday.
Price talk was 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.
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 $150 million of outstanding 6.25% convertible notes due Dec. 15, 2015 and to pay down an outstanding balance on a credit facility.
Prospect Capital is a New York-based financial services company that lends to and invests in middle market, privately held companies.
| Issuer: | Prospect Capital Corp.
|
| Securities: | Unsecured notes
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| Amount: | $150 million
|
| Greenshoe: | $22.5 million
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| Maturity: | June 15, 2024
|
| Bookrunners: | UBS Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets
|
| Co-managers: | 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.
|
| Coupon: | 6.25%
|
| Price: | Par of $25
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| Yield: | 6.25%
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| Talk: | 6.25% to 6.375%
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| Call options: | On or after Dec. 15, 2018 at par plus accrued interest
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 10
|
| Expected listing: | NYSE
|
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