Prospect Capital plans to price $25-par notes due 2028

By James McCandless

San Antonio, May 31 – Prospect Capital Corp. plans to price an offering of $25-par notes due 2028, according to a 497 filing with the Securities and Exchange Commission.

UBS Investment Bank, Morgan Stanley and RBC Capital Markets are the joint bookrunners.

Citigroup and Ladenburg Thalmann are the joint lead managers.

BB&T Capital Markets, B. Riley FBR, Incapital and Maxim Group LLC are also in the syndicate.

The deal was announced on Thursday morning.

The notes will be callable after three years.

Prospect Capital plans to use the proceeds to repay borrowings on its credit facility. Remaining proceeds may possibly be invested in short-term investments, to make long-term investments in line with the issuer’s investment objective and to repurchase unsecured notes.

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

Prospect Capital is a New York-based asset management company.

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