Welcome to our dedicated page for Prospect Capital Corporation news (Ticker: PSEC), a resource for investors and traders seeking the latest updates and insights on Prospect Capital Corporation stock.
Prospect Capital Corporation (NASDAQ: PSEC) is a leading closed-end investment company based in the United States, focusing on generating current income and long-term capital appreciation through flexible private debt and equity investments. As an investment advisor, Prospect Capital Management L.P. guides PSEC under the Investment Company Act of 1940, making it a Business Development Company (BDC).
Prospect Capital Corporation primarily invests in senior and subordinated debt and equity of private companies for a variety of financial situations. These include acquisitions, divestitures, growth, development, and recapitalizations. The company's investment portfolio is diverse, encompassing private equity, sponsored transactions, direct company investments, structured credit, real estate, and syndicated debt.
In recent developments, PSEC has reported financial results for the fiscal quarter ended September 30, 2023. The company announced monthly distributions to its 6.50% preferred shareholders at an annual rate of 6.50% of the stated value of $25.00 per share. As of September 30, 2023, PSEC held over $1.6 billion in preferred stock outstanding, demonstrating substantial financial strength and liquidity.
In its portfolio, PSEC has invested in subordinated structured notes benefiting from individual standalone financings non-recourse to Prospect. This strategy limits risk to the net investment. For the September 2023 quarter, PSEC showcased substantial term debt issuance and repurchase/repayment activity, bolstering its capital and liquidity position. Additionally, PSEC's middle-market loan portfolio continues to perform well, with weighted average EBITDA and net leverage metrics indicating strong financial health.
Prospect Capital Corporation maintains active communication with its investors. For instance, the company hosts regular earnings conference calls, providing detailed updates on financial performance and investment activities. The next earnings call is scheduled for November 9, 2023, at 10:30 a.m. Eastern Time.
Overall, Prospect Capital Corporation stands out for its robust investment strategies and commitment to delivering value to its shareholders through disciplined financial management and strategic investment decisions.
Prospect Capital Corporation announced a cash tender offer to buy up to $20 million of its 6.375% Convertible Notes due 2025. The offer will expire at 12:00 midnight on January 27, 2021. For each $1,000 principal amount of Notes tendered, the payment will be $1,110 plus accrued interest. If more than $20 million is tendered, a proration factor will apply. The offer is not contingent on a minimum amount of Notes being tendered and could be amended or terminated by the company at any time.
Prospect Capital Corporation (NASDAQ: PSEC) has acquired $25 million in first lien senior secured floating rate notes to support the recapitalization of KM2 Solutions, LLC, led by H.I.G. Capital. KM2 specializes in business process outsourcing, serving finance and healthcare markets. This marks the 30th financing collaboration between Prospect and H.I.G. According to Jason Wilson from Prospect, this investment validates KM2's customer value proposition, and the company aims to enhance its growth initiatives under new management.
Prospect Capital Corporation announced a cash tender offer for its outstanding 4.95% Senior Convertible Notes due 2022, totaling $162,922,000. The offer will expire on January 15, 2021, with a purchase price of $1,035.00 per $1,000 principal amount of notes tendered, plus accrued interest. This tender offer is not conditioned on minimum participation and gives holders the option to withdraw their tendered notes before the expiration date. The company has engaged D.F. King & Co., Inc. as the tender agent.
Prospect Capital Corporation (NASDAQ: PSEC) has announced the acquisition of $29 million in first lien senior secured floating rate notes to finance the recapitalization of Thermal Product Solutions, Inc. (TPS). TPS, a leading manufacturer of industrial ovens and test chambers, has been in operation since 1912, serving major Fortune 500 companies. The financing aims to enhance TPS's growth across various sectors, including aerospace and pharmaceuticals. The collaboration is built on Prospect's extensive experience in the capital equipment industry.
Prospect Capital Corporation (Nasdaq: PSEC) announced its annual meeting of stockholders will be held virtually on December 2, 2020, at 3:30 p.m. EST due to COVID-19 safety concerns. Stockholders must use a 16-digit control number to participate in the meeting via webcast. Those holding shares in 'street name' should follow their broker’s instructions for obtaining this number. The meeting agenda remains unchanged from the previously mailed proxy statement dated September 28, 2020. Stockholders are encouraged to vote in advance and attend the meeting early.
Prospect Capital Corporation announced cash tender offers for up to $30 million of its 5.875% Senior Notes due 2023 and $10 million of its 6.375% Notes due 2024. The offers expire on December 16, 2020. Holders of 2023 Notes will receive $1,050 per $1,000 principal amount, while those with 2024 Notes will receive $1,080. The company retains the right to amend or terminate the offers. Validly tendered notes can be withdrawn prior to the expiration date.
Prospect Capital Corporation (PSEC) reported Q1 fiscal 2021 net investment income of $57.5 million, or $0.15 per share, down from $71.1 million or $0.19 per share year-over-year. Total net income surged to $167.7 million from $18.1 million a year prior, with per share net income at $0.45. Distributions remain stable at $0.18 per share. Notably, NAV increased to $8.40 from $8.18 quarter-over-quarter. PSEC announced cash distributions of $0.06 per share for the next three months, yielding 14.5% based on a share price of $4.97. The company plans to enhance NII through various strategic initiatives.
Prospect Capital Corporation (NASDAQ: PSEC) will file its Form 10-Q on November 9, 2020, detailing fiscal Q1 results ending September 30, 2020. The earnings press release will also be issued on the same day post-market close.
A conference call is scheduled for November 10, 2020, at 11:00 a.m. ET. Investors can participate via dial-in or listen to a live webcast on the company’s website.
Prospect Capital Corporation has initiated a cash tender offer to purchase all outstanding 4.95% Senior Convertible Notes due in 2022, totaling $222,785,000. The offer expires at midnight on November 17, 2020, with a consideration of $1,026.25 per $1,000 principal, plus accrued interest. Validly tendered notes can be withdrawn before the expiration. The settlement is expected within three business days following the expiration, contingent on conditions being met. D.F. King & Co., Inc. is the appointed Information and Tender Agent for the notes.
Prospect Capital Corporation has initiated a cash tender offer for its outstanding 4.95% Senior Convertible Notes due 2022, totaling $228.82 million. This offer, which is set to expire on October 2, 2020, will allow holders to exchange $1,010 principal amount of notes for $1,000, plus accrued interest. The company anticipates the settlement date to occur within three business days following this expiration, contingent upon all conditions being satisfied or waived. The tender offer is not conditional on a minimum number of notes being tendered.
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