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Prospect Capital prices debt offering

Prospect Capital Corp. priced an offering of $50 million in aggregate principal amount of 6.25% unsecured notes due June 15, 2028.

The company also granted the underwriters an option to buy up to an additional $7.5 million in aggregate principal amount of the notes.

The offering is expected to close June 7.

The notes may be redeemed in whole or in part at any time or from time to time at the company's option on or after June 15, 2021. Interest on the notes will be paid quarterly March 15, June 15, Sept. 15 and Dec. 15 of each year, starting Sept. 15.

Prospect Capital expects to use part of the net proceeds of this offering to repay debt under its credit facility. The company plans to use rest of the net proceeds to invest in high-quality short-term debt investments, and/or to make long-term investments, and/or to repurchase certain of its unsecured notes.

UBS Investment Bank, Morgan Stanley and RBC Capital Markets are acting as joint book-running managers for this offering. Citigroup and Ladenburg Thalmann are acting as joint lead managers for this offering. BB&T Capital Markets, B. Riley FBR, Incapital and Maxim Group LLC are acting as co-managers for this offering.