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S&P: Prospect Capital convertibles BBB-
S&P said it assigned a BBB- rating on Prospect Capital Corp.'s proposed convertible senior notes due July 2022.
The company's issuer credit rating is BBB- with a negative outlook.
The company is planning to issue about $225 million of notes, but may increase the issuance size, the agency noted, adding that the securities are senior unsecured.
The proceeds will be used to repurchase a portion of the convertible notes due 2017 and 2018, and for general corporate purposes, S&P said.
The proceeds may also be used to pay down the company's revolving credit facility.
The transaction is considered leverage neutral, S&P said.
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