By Cristal Cody
Tupelo, Miss., June 18 – Prospect Capital Corp. priced an upsized $70 million add-on to its 5.875% senior notes (BBB-//Kroll: BBB) due March 15, 2023 on Monday at 99.798 to yield 5.922%, or a spread of Treasuries plus 312.5 basis points, according to a 497AD filing with the Securities and Exchange Commission.
The notes were guided to price in the Treasuries plus 312.5 bps area.
The deal was upsized from $50 million.
Prospect Capital initially sold $250 million of the notes on March 8, 2013 at 99.07 to yield 6%. The total outstanding now is $320 million.
RBC Capital Markets, LLC and Barclays were the bookrunners.
Proceeds are expected to be used for a tender offer to purchase for cash any and all of the company’s $300 million of 5% senior notes due 2019.
Prospect Capital is a New York-based asset management company.
| Issuer: | Prospect Capital Corp.
|
| Amount: | $70 million reopening
|
| Description: | Senior notes
|
| Maturity: | March 15, 2023
|
| Bookrunners: | RBC Capital Markets, LLC and Barclays
|
| Co-manager: | UBS Securities LLC
|
| Coupon: | 5.875%
|
| Price: | 99.798
|
| Yield: | 5.922%
|
| Spread: | Treasuries plus 312.5 bps
|
| Trade date: | June 18
|
| Settlement date: | June 20
|
| Ratings: | S&P: BBB-
|
| Kroll: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 312.5 bps area
|
| Total outstanding: | $320 million, including $250 million of notes priced March 8, 2013 at 99.07 to yield 6%
|
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