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 (NASDAQ: PSEC) has announced the pricing of $300 million in 3.437% notes due October 15, 2028. The notes will bear interest payable semi-annually, with the first payment on April 15, 2022. Proceeds from this offering will primarily refinance existing debt and support balance sheet liquidity, including investments in quality short-term debt instruments. The offering is expected to close on September 30, 2021, subject to customary conditions. Investors should review the related prospectus for details on the risks and objectives before investing.
Prospect Capital Corporation has launched a cash tender offer to buy up to $60 million of its 4.95% Senior Convertible Notes due 2022, which are currently valued at $111.05 million. The offer expires on September 24, 2021, with the consideration set at $1,025 per $1,000 principal amount plus accrued interest. If more than $60 million of notes are tendered, proration will apply. The company retains the right to amend or terminate the offer. The Information and Tender Agent is D.F. King & Co., Inc.
Prospect Capital Corporation (NASDAQ: PSEC) announced its financial results for the fiscal year ending June 30, 2021, reporting a net investment income of $285.7 million, up from $265.7 million in 2020. The net income attributable to stockholders was $962.1 million compared to a loss of $16.2 million the previous year. The company declared monthly distributions of $0.06 per share, maintaining an annualized distribution yield of 8.9%. Total investments increased to $6.2 billion, with a debt to equity ratio of 55.9%. NAV per common share improved to $9.81, reflecting strong operational performance.
Prospect Capital Corporation (NASDAQ: PSEC) will file its Form 10-K report for the fiscal year ended June 30, 2021, on August 24, 2021, after market close. Alongside this, the company plans to release its earnings report on the same day. A conference call is scheduled for August 25, 2021, at 11:00 a.m. ET, with a dial-in number provided for participants. The call will also be available via webcast, with a replay accessible for 30 days. Prospect Capital Corporation is a business development company focusing on investments in private businesses.
Prospect Capital Corporation (NASDAQ: PSEC) has announced that its preferred stock offerings surpassed $300 million in aggregate liquidation preferences since December 31, 2020. The company has attracted strong demand from various investor channels due to favorable attributes such as credit support and liquidity. On July 12, 2021, Prospect priced a public offering of $150 million in Series A Preferred Stock, managed by top financial firms including Morgan Stanley and UBS Investment Bank. This press release serves informational purposes and doesn't constitute a sale offer of securities.
On July 29, 2021, Prospect Capital Corporation (PSEC) announced funding commitments totaling $202 million to PGX Holdings, Inc. (Progrexion). This includes a $49 million first lien senior secured floating rate term loan and a $153 million second lien senior secured floating rate term loan. Progrexion, a leader in the U.S. consumer credit repair market, aids consumers in correcting inaccuracies in their credit reports. This funding marks the 12th financing since H.I.G. Capital acquired Progrexion in 2010, showcasing Prospect's capability and commitment to flexible financing solutions.
Prospect Capital Corporation (NASDAQ: PSEC) announced the pricing of a public offering of 6 million shares of its newly designated 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock at $25.00 per share, totaling $150 million. The offering will close on July 19, 2021, subject to customary conditions. The company aims to use the proceeds for maintaining balance sheet liquidity, including debt repayment and investments in high-quality short-term debt instruments. Morgan Stanley, RBC Capital Markets, and UBS Investment Bank are the joint book-running managers.
Prospect Capital Corporation (NASDAQ: PSEC) has provided a $55 million first lien senior secured floating rate term loan to support the acquisition of Enseo Holdings, Inc. by an affiliate of H.I.G. Capital. Enseo is a leading U.S. provider of customer experience management technology, catering to sectors such as hospitality, education, and healthcare. The firm boasts over 21 years of experience and serves more than 85 million users annually. This marks the 31st financing collaboration between Prospect and H.I.G., highlighting Prospect's commitment to flexible financing solutions in strategic investments.
On June 1, 2021, Prospect Capital Corporation (NASDAQ: PSEC) announced the successful issuance of $105.9 million in preferred stock across multiple series since December 2020. The preferred stock features a 5.5% annual dividend, paid monthly, yielding 5.64% annually, and ranks senior to $3.6 billion of common stock. The offering has attracted significant investor interest from various channels. PCS Capital Securities LLC manages the ongoing offering, while UBS Securities LLC underwrote the recently completed Series A2 offering. The press release emphasizes its informational nature and compliance with regulatory requirements.
Prospect Capital Corporation (PSEC) announced the pricing of $300 million in 3.364% notes due November 15, 2026. The notes will bear interest payable semi-annually and are senior unsecured obligations, ranking equally with existing debts. Proceeds will primarily refinance existing debt, including redemption of 6.25% Senior Notes due 2028. The transaction is managed by RBC Capital Markets, Goldman Sachs & Co. LLC, and Barclays, with expected closure on May 27, 2021. Investors should review associated prospectuses for further details.
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