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 (PSEC) reported its financial results for the quarter ending September 30, 2022. Net Investment Income (NII) increased to $99,266,000, with a basic NII per share of $0.22. However, the company recorded a net loss of $(105,199,000), translating to a basic net loss per share of $(0.27). The Net Asset Value (NAV) per common share decreased to $10.01. Distributions to common shareholders remain steady at $0.18 per share. The company declared cash distributions for November 2022 through January 2023, maintaining a 9.8% annualized distribution yield based on recent stock prices.
Prospect Capital Corporation (NASDAQ: PSEC) will file its Form 10-Q report for Q4 ending September 30, 2022, on November 9, 2022, after market close. An earnings press release will follow the same day. A conference call is scheduled for November 10, 2022, at 11:00 a.m. ET, with dial-in options provided. Interested parties can also listen via webcast on the company's website. Prospect Capital focuses on debt and equity investments in private businesses, aiming for current income and long-term capital appreciation.
On October 24, 2022, Prospect Capital Corporation announced the results of its cash tender offer for its outstanding 5.875% Senior Notes due 2023. The offer, which expired on October 21, 2022, saw a total of $1,508,000 of notes tendered out of an outstanding principal of $283,872,000. Eligible notes will be purchased at $985.00 for each $1,000 principal amount, plus accrued interest, with a settlement date expected on October 26, 2022. The company is proceeding with the tender offer under the terms outlined in its Offer to Purchase.
Prospect Capital Corporation has initiated a cash tender offer to purchase its 5.875% Senior Notes due 2023, amounting to $283,872,000. The offer will expire on October 21, 2022, with expected settlement on October 26, 2022. Each validly tendered note will receive $985.00, plus accrued interest. The offer is not contingent on a minimum amount being tendered and may be amended or extended by the company. This announcement serves informational purposes only and does not constitute a solicitation for securities.
On October 7, 2022, Prospect Capital Corporation (NASDAQ: PSEC) announced the addition of new 6.50% Series A3 and M3 Preferred Stock to its offering of up to $1.5 billion in non-traded preferred stock, currently with approximately $611 million available for sale. The total liquidation preference for all preferred stock offerings has exceeded $1 billion since December 2020. This stock provides a 6.5% annualized cash dividend, monthly payments, and liquidity options, appealing to investors seeking stable returns amid market challenges.
Prospect Capital Corporation announced the results of its cash Tender Offer to purchase outstanding senior notes due in 2023. As of the September 23, 2022 expiration, a total of $347,000 of the notes were validly tendered. The company plans to pay $980 per $1,000 principal amount of the accepted notes, along with accrued interest. The settlement date is projected to be September 28, 2022. For additional details, interested parties can contact D.F. King & Co., Inc., the information and tender agent for the offer.
On September 19, 2022, Prospect Capital Corporation announced a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2023, totaling $284.2 million. The offer will expire on September 23, 2022, unless extended. Each $1,000 principal amount of Notes will be bought for $980.00 plus accrued interest. The settlement is expected on September 28, 2022. The company retains the right to amend or terminate the offer at any time. D.F. King & Co., Inc. is the agent for this tender.
On September 9, 2022, Prospect Capital Corporation (NASDAQ: PSEC) reported that its preferred stock offerings exceeded $1 billion in aggregate liquidation preference since late 2020. Currently, approximately $645 million of Series A1, M1, and M2 Preferred Stock is available for sale. Additionally, Prospect announced an extension and upsizing of its revolving credit facility, effective September 15, 2022, increasing commitments from $1.500 billion to $1.584 billion from 44 lenders. The facility's term was extended for five years, securing significant funding for future investment opportunities.
Prospect Capital Corporation (PSEC) reported mixed financial results for the fiscal year ending June 30, 2022. Net Investment Income (NII) rose to $343.9 million, or $0.81 per share, up from $285.7 million, or $0.74 per share, in the previous year. However, net income applicable to common shareholders fell significantly to $556.6 million, or $1.43 per share, from $962.1 million, or $2.51 per share. Distributions remained stable at $0.72 per share. As of June 30, 2022, total investments increased to $7.6 billion, while Net Asset Value (NAV) per share reached $10.48. The company declared ongoing monthly distributions of $0.06 per share for September and October 2022, maintaining a robust yield of 9.2%.
Prospect Capital Corporation (NASDAQ: PSEC) has rescheduled its fourth-quarter financial results release to August 29, 2022. The Annual Report on Form 10-K for the fiscal year ended June 30, 2022, will be filed on this date. Additionally, the conference call to discuss these results has been moved to August 30, 2022, at 11:00 a.m. ET, with a dial-in number provided for participants. A live webcast will also be available, and a recording of the call will be accessible for 30 days following the event.
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