Prospect Capital logo

PSEC - Prospect Capital News Story

$8 -0.1  -0.7%

Last Trade - 11/05/21

Sector
Financials
Size
Mid Cap
Market Cap £2.19bn
Enterprise Value £3.68bn
Revenue £434.8m
Position in Universe 1834th / 6853

Prospect Capital Corporation Announces Launch of Cash Tender Offers For its Outstanding 5.875% Senior Notes due 2023 and 6.375% Notes due 2024

Wed 7th April, 2021 9:05pm
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210407:nGNX30vs9j&default-theme=true


NEW YORK, April 07, 2021 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (the
“Company”) today announced that it has commenced two separate cash tender
offers (each a “Tender Offer” and collectively, the “Tender Offers”)
to purchase (i) up to $30,000,000 aggregate principal amount of outstanding
5.875% Senior Notes due 2023 (the “2023 Notes”), and (ii) up to
$30,000,000 aggregate principal amount of outstanding 6.375% Notes due 2024
(the “2024 Notes” and together with the 2023 Notes, the “Notes”). Each
Tender Offer will expire at 12:00 midnight, New York City time, on May 5, 2021
(one minute after 11:59 p.m., New York City time, on May 4, 2021), or any
other date and time to which the Company extends the applicable Tender Offer
(such date and time, as it may be extended, the “Expiration Date”). The
Tender Offers are made pursuant to an Offer to Purchase dated today, which set
forth the terms and conditions of the Tender Offers.

 Title of Security             CUSIP / ISIN Nos.         Outstanding Principal Amount  Aggregate Principal Amount Sought  
                                                                                                                          
 5.875% Senior Notes due 2023  74348TAJ1 / US74348TAJ16  $285,055,000                  $30,000,000                        
                                                                                                                          
 6.375% Notes due 2024         74348TAS1 / US74348TAS15  $81,615,000                   $30,000,000                        

The consideration to be paid for each $1,000 principal amount of 2023 Notes
that are validly tendered and not validly withdrawn on or prior to the
Expiration Date is $1,041.50, plus accrued and unpaid interest on the 2023
Notes, if any, from the last interest payment date up to, but not including,
the Settlement Date (as defined herein). The consideration to be paid for each
$1,000 principal amount of 2024 Notes that are validly tendered and not
validly withdrawn on or prior to the Expiration Date is $1,075.00, plus
accrued and unpaid interest on the 2024 Notes, if any, from the last interest
payment date up to, but not including, 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 Offers, in which case the withdrawal rights may be
extended as the Company determines, to the extent required by law. The Tender
Offers are 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 Offers 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 Offers.

The Tender Offers are 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 Offers are 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 Offers.

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


(https://www.globenewswire.com/NewsRoom/AttachmentNg/740475b3-12dd-45b6-a716-678bc54c70a0)



GlobeNewswire, Inc. 2021
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.