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.
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Prospect Capital Corporation (PSEC) reported its fiscal results for the quarter ending March 31, 2021, revealing a net income of $246 million, translating to $0.64 per share. Net Investment Income stood at $73.4 million, or $0.19 per share, with a distribution of $0.18 per share to common shareholders. The company declared future monthly distributions of $0.06 per share, maintaining a consistent payout. Its net asset value increased to $3.63 billion, with a NAV per share of $9.38. The firm has implemented several initiatives to boost NII per share, including a $1 billion preferred stock offering.
Prospect Capital Corporation (NASDAQ: PSEC) announced plans to file its Form 10-Q for the fiscal third quarter ending March 31, 2021, on May 10, 2021, after market close. An earnings press release will also be issued the same day. Additionally, a conference call is scheduled for May 11, 2021, at 11:00 a.m. ET, where investors can participate by dialing 888-338-7333 or via a live webcast. The company focuses on lending to and investing in private businesses for current income and long-term capital appreciation.
On April 23, 2021, Prospect Capital Corporation (NASDAQ: PSEC) announced progress in its continuous preferred stock offering of up to 40 million shares with a $1 billion liquidation preference. Since the initial closing in December 2020, $80.6 million has been issued, including $19.7 million since mid-March 2021. The preferred stock offers a 5.5% annual dividend, paid monthly, and ranks senior to over $3.4 billion of common stock. It is convertible into common stock at the investor's discretion. The press release also emphasizes prospective returns and business development strategies.
Prospect Capital Corporation has initiated two cash tender offers to repurchase up to $30 million of outstanding 5.875% Senior Notes due 2023 and 6.375% Notes due 2024. The offers expire on May 5, 2021. The consideration for the 2023 Notes is $1,041.50 per $1,000 principal, and for the 2024 Notes, it is $1,075.00 per $1,000. Tendered notes can be withdrawn before the expiration date. D.F. King & Co., Inc. is the Information and Tender Agent for these offers.
Prospect Capital Corporation has completed its cash tender offer, expiring on March 29, 2021, to purchase outstanding 5.875% Senior Notes due 2023. A total of $726,000 of notes were validly tendered by the expiration time. The consideration for accepted notes will be $1,042.00 for each $1,000 principal, plus accrued interest. The settlement date for the transaction is projected to be March 11, 2021. This tender offer aims to enhance the company's financial flexibility while managing its debt portfolio.
Prospect Capital Corporation has launched a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2023, totaling $285.78 million. The offer expires on March 29, 2021, with settlement expected by April 1, 2021. Each $1,000 principal amount of validly tendered notes will receive $1,042, plus accrued interest. The Tender Offer is not contingent on a minimum amount being tendered and allows for valid withdrawals until the expiration time. D.F. King & Co., Inc. acts as the Information and Tender Agent.
Prospect Capital Corporation announced the results of its cash tender offer to purchase outstanding 6.375% Notes due 2024. As of March 22, 2021, $647,000 in principal of the notes was validly tendered. The offer includes a consideration of $1,087.50 per $1,000 principal amount plus accrued interest, with a settlement date set for March 25, 2021. The company aims to optimize its financial structure through this transaction, facilitated by D.F. King & Co., Inc., the Information and Tender Agent.
Prospect Capital Corporation has initiated a cash tender offer to acquire up to $30 million of its outstanding 4.95% Senior Convertible Notes due 2022. The offer will expire on April 14, 2021. Each validly tendered note will be bought at a price of $1,020.00 per $1,000 principal amount, plus accrued interest. The company may purchase the notes after the expiration date, contingent on conditions being satisfied. If the total tendered exceeds $30 million, a proration factor will apply. Further details can be obtained through D.F. King & Co., Inc.
Prospect Capital Corporation announced a cash tender offer to purchase its outstanding 6.375% Senior Notes due 2024 with a total outstanding principal of $82,262,000. The offer will expire on March 22, 2021, unless extended. Each $1,000 principal amount of validly tendered notes will receive $1,087.50 plus accrued interest. The settlement date is expected to be March 25, 2021. The offer is not conditioned on a minimum amount of notes being tendered and may be amended, extended, or terminated at the company's discretion.
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