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Prospect Capital Corporation Announces Launch of Cash Tender Offer For Any and All of its Outstanding 5.875% Senior Notes due 2023

Tue 23rd March, 2021 12:35pm
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NEW YORK, March 23, 2021 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (the
“Company”) today announced that it has commenced a cash tender offer (the
“Tender Offer”) to purchase any and all of the outstanding notes listed
below. The Tender Offer will expire at 5:00 p.m., New York City time, on March
29, 2021, or any other date and time to which the Company extends such Tender
Offer (such date and time, as it may or may not be extended, the “Expiration
Time”). The Tender Offer is made pursuant to an Offer to Purchase dated
today, which set forth the terms and conditions of the Tender Offer

 Title of Security                           CUSIP / ISIN Nos.         Outstanding Principal Amount      
                                                                                                         
 5.875% Senior Notes due 2023 (the "Notes")  74348TAJ1 / US74348TAJ16  $285,781,000                      

The consideration to be paid for each $1,000 principal amount of Notes that
are validly tendered and not validly withdrawn on or prior to the Expiration
Time is $1,042.00, plus accrued and unpaid interest on the Notes, if any, from
the applicable last interest payment date up to, but not including, the
Settlement Date (as defined herein). The Company will purchase any Notes that
have been validly tendered at or prior to the Expiration Time and accepted for
purchase, subject to all conditions to the Tender Offer having been either
satisfied or waived by the Company, promptly following the Expiration Time.
Assuming the Tender Offer is not extended, the Company expects that the Tender
Offer will settle and payment will be made on April 1, 2021 (the “Settlement
Date”).

As described in the Offer to Purchase, tendered Notes may be validly withdrawn
at any time prior to or at, but not after, the Expiration Time, unless the
Company amends the Tender Offer, in which case the withdrawal rights may be
extended as the Company determines, to the extent required by law. The Tender
Offer is not conditioned on any minimum amount of Notes being tendered. The
Company may amend, extend or, subject to certain conditions and applicable
law, terminate the Tender Offer at any time in its sole discretion.

The Company has retained D.F. King & Co., Inc. to serve as the Information and
Tender Agent for the Notes in the Tender Offer.

The Tender Offer is being made pursuant to the terms and conditions contained
in the Offer to Purchase, a copy of which may be obtained from D.F. King &
Co., Inc. at (212) 269-5550 (Banks and Brokers) or (866) 388-7452 (toll free),
or via psec@dfking.com.

A copy of the Offer to Purchase is also available at the following web
address: http://www.dfking.com/psec

This announcement is for informational purposes only and is not an offer to
purchase or sell or a solicitation of an offer to purchase or sell, with
respect to any securities. The solicitation of offers to buy the Notes is only
being made pursuant to the terms of the Offer to Purchase, as it may be
amended or supplemented. The Tender Offer is not being made in any state or
jurisdiction in which such offer would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
None of the Company or the Information and Tender Agent are making any
recommendation as to whether or not holders should tender their Notes in
connection with the Tender Offer.

About Prospect Capital Corporation

Prospect Capital Corporation is a business development company that focuses on
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 (“1940 Act”). Prospect is required to
comply with regulatory requirements under the 1940 Act as well as applicable
NASDAQ, federal and state rules and regulations. 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
Section 27A of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, whose safe harbor for forward-looking
statements does not apply to business development companies. These
forward-looking statements include statements regarding expectations as to the
completion of the transactions contemplated by the Tender Offer. 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



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