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Prospect Capital issues $103.5M in convertible debt


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Prospect Capital issues $103.5M in convertible debt

Prospect Capital Corp. has issued $103.5 million in aggregate principal amount of senior unsecured 4.95% convertible notes due July 15, 2022.

The offering includes the $13.5 million aggregate principal amount of notes issued pursuant to the exercise in full by the underwriter of its overallotment option.

Interest on the notes will accrue from Jan. 15 and will be payable semiannually every Jan. 15 and July 15, starting July 15.

The notes will be a further issuance of the 4.95% convertible notes due 2022 issued April 11, 2017. They will be treated as a single series with the existing notes, will have the same terms and will be fully fungible and rank equally in right of payment. The conversion price of the notes is $9.98.

After the issuance of the notes, the outstanding aggregate principal amount of the company's 4.95% convertible notes due 2022 is now $328.5 million.

The company will use part of the net proceeds to repay debt under its credit facility. The remainder may be used to invest in high-quality short-term debt investments and/or make long-term investments.

Goldman Sachs & Co. LLC will be the sole underwriter for the offering.