Prospect Capital Corporation Upsizes Preferred Stock Offering to $2.25 Billion
Prospect Capital (NASDAQ: PSEC) has announced an upsize to its preferred stock offering, which has seen strong demand from various investor channels. The offering has reached $1.8 billion in aggregate liquidation preference issuances since its initial closing in Q4 2020. Prospect is currently the leading issuer of non-traded preferred stock in 2023 and 2024 year-to-date.
The company's A4/M4 preferred stock series offers a 7.28% annualized floating rate dividend structure with a 6.50% dividend rate floor, which Prospect believes is attractive for income-oriented investors, especially with declining interest rates. The ongoing offering is being made through Preferred Capital Securities (PCS), which has raised $5.0 billion of capital since 2011.
Prospect Capital (NASDAQ: PSEC) ha annunciato un aumento della sua offerta di azioni privilegiate, che ha registrato una forte domanda da vari canali di investimento. L'offerta ha raggiunto un totale di 1,8 miliardi di dollari in emissioni di preferenze di liquidazione aggregate dalla chiusura iniziale nel quarto trimestre del 2020. Prospect è attualmente il principale emittente di azioni privilegiate non scambiate nel 2023 e fino ad oggi nel 2024.
La serie di azioni privilegiate A4/M4 dell'azienda offre una struttura di dividendo annualizzato a tasso flottante del 7,28% con un tasso minimo del 6,50%, che Prospect ritiene essere attraente per gli investitori orientati al reddito, specialmente con i tassi d'interesse in diminuzione. L'offerta in corso viene effettuata tramite Preferred Capital Securities (PCS), che ha raccolto 5,0 miliardi di dollari di capitale dal 2011.
Prospect Capital (NASDAQ: PSEC) ha anunciado un aumento en su oferta de acciones preferentes, la cual ha visto una fuerte demanda de diversos canales de inversores. La oferta ha alcanzado un total de 1.800 millones de dólares en emisiones de preferencia de liquidación desde su cierre inicial en el cuarto trimestre de 2020. Prospect es actualmente el emisor líder de acciones preferentes no negociadas en 2023 y durante el presente año hasta la fecha en 2024.
La serie de acciones preferentes A4/M4 de la compañía ofrece una estructura de dividendo anualizado a tasa flotante del 7,28% con un nivel mínimo de dividendo del 6,50%, que Prospect considera atractiva para los inversores orientados al ingreso, especialmente con la disminución de las tasas de interés. La oferta actual se realiza a través de Preferred Capital Securities (PCS), que ha recaudado 5.000 millones de dólares en capital desde 2011.
프록스펙트 캐피탈 (NASDAQ: PSEC)이 자사의 우선주 공모를 확대한다고 발표했습니다. 이는 다양한 투자 경로에서 강력한 수요를 보여주었습니다. 이 공모는 2020년 4분기에 초기 마감 이후 18억 달러의 전체 청산 우선권 발행에 도달했습니다. 프록스펙트는 현재 2023년과 2024년 연초 현재 비거래 우선주 발행자 선두입니다.
회사의 A4/M4 우선주 시리즈는 7.28%의 연 환율 변동 배당금 구조를 제공하며, 6.50%의 배당금 최소 기준을 갖추고 있습니다. 이는 프록스펙트가 소득 중심 투자자에게 매력적으로 여기는 것인데, 특히 금리가 감소하고 있는 상황에서 그렇습니다. 현재 공모는 2011년 이후 50억 달러의 자본을 조달한 Preferred Capital Securities (PCS)를 통해 진행되고 있습니다.
Prospect Capital (NASDAQ: PSEC) a annoncé une augmentation de son offre d'actions privilégiées, qui a enregistré une forte demande de divers canaux d'investisseurs. L'offre a atteint un total de 1,8 milliard de dollars en émissions de préférence de liquidation depuis sa clôture initiale au quatrième trimestre 2020. Prospect est actuellement le principal émetteur d'actions privilégiées non négociées en 2023 et jusqu'à aujourd'hui en 2024.
La série d'actions privilégiées A4/M4 de l'entreprise propose une structure de dividende flottant annualisé de 7,28% avec un plancher de taux de dividende de 6,50%, que Prospect considère comme attrayante pour les investisseurs orientés vers le revenu, surtout avec la baisse des taux d'intérêt. L'offre en cours est réalisée par l'intermédiaire de Preferred Capital Securities (PCS), qui a levé 5,0 milliards de dollars de capital depuis 2011.
Prospect Capital (NASDAQ: PSEC) hat eine Erhöhung ihres Angebots an Vorzugsaktien angekündigt, das eine starke Nachfrage aus verschiedenen Anlegerkanälen verzeichnet hat. Das Angebot hat seit dem ersten Abschluss im vierten Quartal 2020 insgesamt 1,8 Milliarden Dollar an Liquidationspräferenzen erreicht. Prospect ist derzeit der führende Emittent von nicht handelbaren Vorzugsaktien im Jahr 2023 und bis heute im Jahr 2024.
Die A4/M4-Serie von Vorzugsaktien des Unternehmens bietet eine jährliche floating Rate-Dividendenstruktur von 7,28% mit einem Dividenden-Mindestsatz von 6,50%, was Prospect für einkommensorientierte Anleger attraktiv macht, insbesondere bei fallenden Zinssätzen. Das laufende Angebot erfolgt über Preferred Capital Securities (PCS), die seit 2011 5,0 Milliarden Dollar an Kapital eingeworben haben.
- Strong demand for preferred stock offering, reaching $1.8 billion in issuances
- Leading market share in non-traded preferred stock issuance for 2023 and 2024 YTD
- Attractive 7.28% annualized floating rate dividend with 6.50% floor for A4/M4 series
- None.
Insights
The upsize of Prospect Capital 's preferred stock offering to
The A4/M4 preferred stock series, offering a
For PSEC, this offering enhances its capital structure and provides additional funding for potential investments or debt refinancing. The
Overall, this upsize reflects positively on PSEC's market position and ability to attract capital, which could support future growth and potentially benefit both preferred and common stockholders.
PSEC's leading position in non-traded preferred stock issuance for 2023 and 2024 YTD is a strong indicator of market acceptance and demand for this financial product. This leadership position could translate into enhanced brand recognition and potentially easier capital raises in the future.
The diverse investor base, spanning institutional, RIA, wirehouse, independent private wealth and international channels, suggests a broad appeal that could provide stability to the offering. This diversification may help insulate PSEC from sector-specific downturns or shifts in investor sentiment.
The timing of this upsize, coinciding with declining interest rates, is strategic. It allows PSEC to capitalize on investors seeking yield in a low-rate environment. However, if rates rise significantly, the floating rate structure could increase PSEC's dividend obligations, potentially impacting profitability.
The
NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) announced today an upsize to Prospect’s preferred stock offering (the “Preferred Stock” or the “Offering”) with Preferred Capital Securities (”PCS”). The Offering has seen strong demand from the private wealth, institutional, and Registered Investment Advisor channels, with
“Prospect’s non-traded preferred stock offers investors recurring cash income with a stable stated value, ongoing liquidity, management alignment, leverage caps, and over
PCS is a securities broker dealer and the dealer manager for the ongoing offering of the Series A4 and M4 Preferred Stock. PCS has raised
This press release is for informational purposes and is not an offer to purchase or sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The ongoing offering of the Series A4 and M4 Preferred Stock is being made only by means of the prospectus supplement and the accompanying prospectus, copies of which may be obtained by writing to PCS at 3290 Northside Parkway NW, Suite 800, Atlanta, GA 30327. Investors are advised to carefully consider the investment objective, risks, charges and expenses of Prospect and the Preferred Stock before investment. The prospectus supplement and accompanying prospectus contain this and other important information about Prospect and the Preferred Stock and should be read carefully before investing.
About Prospect Capital Corporation
Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Telephone (212) 448-0702
FAQ
What is the current size of Prospect Capital 's (PSEC) preferred stock offering?
What dividend rate does Prospect Capital 's (PSEC) A4/M4 preferred stock series offer?
Who is the dealer manager for Prospect Capital 's (PSEC) ongoing preferred stock offering?
How much capital has Preferred Capital Securities (PCS) raised since its formation?
