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Prospect Capital prices note offering

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Prospect Capital prices note offering

Prospect Capital Corp. has priced its offering of $90.0 million in aggregate principal amount of senior unsecured 4.95% convertible notes due July 15, 2022.

The company also granted the underwriter an option to purchase up to an additional $13.5 million in aggregate principal amount of the notes to cover overallotments.

The notes will be a further issuance of the 4.95% convertible notes due 2022 that the company issued on April 11, 2017. The notes will be treated as a single series with the existing 4.95% convertible notes under the indenture and will have the same terms. The conversion price of the notes is $9.98.

Upon the issuance of the notes, the outstanding aggregate principal amount of Prospect Capital's 4.95% convertible notes due 2022 will be $315.0 million, or $328.5 million if the underwriter exercises in full its overallotment option.

Interest on the notes will accrue from Jan. 15 and will be payable Jan. 15 and July 15 of each year, starting July 15.

The company anticipates to use a portion of the net proceeds to repay debt under its credit facility. The company intends to use the remainder of the net proceeds to invest in high-quality short-term debt investments, and/or make long-term investments.

Goldman Sachs & Co. LLC served as the sole underwriter for the offering.