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 the completion of its cash tender offer for its 5.875% Senior Notes due 2023. As of the expiration time on March 15, 2021, a total of $4,219,000 in aggregate principal amount of notes was validly tendered. The company will pay $1,042.50 per $1,000 principal amount of eligible notes, plus accrued interest, with settlement expected on March 18, 2021. The offer was made according to the terms set in the Offer to Purchase, which is available through the company's information agent, D.F. King & Co., Inc.
Prospect Capital Corporation (PSEC) reported raising $60.9 million through its preferred stock offering, part of a larger goal of $1 billion. The offering includes up to 40 million shares, with a 5.5% annual dividend rate paid monthly. The Preferred Stock is senior to over $3.4 billion of common stock and is convertible into common stock at the investor's discretion. This fundraising reflects strong investor demand, providing capital protection and liquidity.
Prospect Capital Corporation has initiated a cash tender offer for its 5.875% Senior Notes due 2023, totaling $290 million. The offer, made through an Offer to Purchase, will expire on March 15, 2021, unless extended. Validly tendered notes will receive $1,042.50 per $1,000 principal, plus accrued interest, with settlement expected on March 18, 2021. The Tender Offer is not contingent upon a minimum number of notes being tendered and can be amended or terminated at the company's discretion. D.F. King & Co., Inc. is the Information and Tender Agent.
Prospect Capital Corporation announced the results of its cash tender offer, which expired on March 8, 2021. A total of $7,738,000 in principal amount of 6.375% Notes due 2024 was validly tendered. The company will pay $1,090.00 for each $1,000 principal amount of the Eligible Notes, plus accrued interest, with a settlement date expected on March 11, 2021. D.F. King & Co., Inc. has been retained as the Information and Tender Agent for this process.
On March 2, 2021, Prospect Capital Corporation announced a cash tender offer to buy all outstanding 6.375% Notes due 2024, with an outstanding principal amount of $90 million. The offer expires on March 8, 2021, at 5:00 p.m. New York City time, and the purchase price is set at $1,090.00 per $1,000 principal amount. Settlement is expected by March 11, 2021. D.F. King & Co., Inc. serves as the Information and Tender Agent. This announcement is informational and does not constitute an offer to sell or buy securities.
Prospect Capital Corporation (NASDAQ: PSEC) announced the pricing of $25 million in additional 3.706% notes due 2026, issued on February 17, 2021. This issuance is part of a larger total of $400 million in notes due 2026. The Notes will have identical terms to previously issued notes and will mature on January 22, 2026. The funds raised will primarily be used to refinance existing debt and maintain liquidity. Investors are encouraged to read the associated prospectus for detailed information.
Prospect Capital Corporation has announced the pricing of $50 million in additional 3.706% notes due 2026, bringing the total to $375 million. Issued on February 12, 2021, this issuance will share terms with the existing notes, maturing on January 22, 2026. The notes will yield 3.706% annually, with interest payable semi-annually starting July 22, 2021. Proceeds will primarily refinance existing debt and enhance liquidity for future investments. The offering is managed by Goldman Sachs and co-managed by Barclays and RBC Capital Markets.
Prospect Capital Corporation (NASDAQ: PSEC) reported strong financial results for Q1 2021, with Net Investment Income (NII) of $81.56 million, up from $57.55 million in Q4 2020. The NII per share increased to $0.21, and net income rose to $305.97 million from a loss of $11.20 million year-over-year. The company declared monthly distributions of $0.06 per share for February to April 2021, maintaining a 10.7% annualized distribution yield. With total assets at $5.7 billion and a net asset value per share of $8.96, PSEC aims to enhance NII through various strategic initiatives.
Prospect Capital Corporation has initiated a cash tender offer for up to $30,000,000 of its 4.95% Senior Convertible Notes due 2022. The tender offer, expiring on March 2, 2021, aims to purchase notes with a total outstanding principal amount of $136,228,000. Investors will receive $1,030.00 for each validly tendered $1,000 principal amount, plus accrued interest. If total tenders exceed the $30 million target, proration will apply. D.F. King & Co., Inc. is the appointed Information and Tender Agent.
Prospect Capital Corporation (NASDAQ: PSEC) announced the pricing of $325 million in 3.706% notes maturing on January 22, 2026. Interest on the notes will be paid semi-annually starting July 22, 2021. The proceeds aim to refinance existing debt, including redeeming 6.25% Notes due 2024, and to enhance liquidity for future investments. Barclays, RBC Capital Markets, and Goldman Sachs are joint book-running managers, with the closing expected on January 22, 2021. Investors should review the associated prospectus for risks and detailed information.
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