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BDC Prospect Capital Announces New Preferred Issue – Update

Gary informs us in the comments that the PBY 6.25% baby bonds were redeemed 6/15/2021. I have updated data below to reflect the redemption.

Business Development Company Prospect Capital (PSEC) has announced a new issuance of preferred stock.

Prospect has 1 issue of baby bonds outstanding becoming callable in December.

These shares probably will be rated high junk by Standard and Poor’s and Moody’s–I’m guessing maybe BB by S&P.

The preliminary prospectus can be read here.

J was on top of this one.

6 thoughts on “BDC Prospect Capital Announces New Preferred Issue – Update”

  1. If this dumpster fire can obtain a 5.35% rate you can kiss your 6.375% GAINL goodbye at the end of August. Sold my entire position which I purchased in the low $24’s for $26 even today, assuming that GAIN is already working on the call announcement……decided to skip the last two dividends for the extra buck.

    1. Thanks, aview.

      Head’s up, though. Like several recent IPOs, the temp ticker may soon change it’s last letter from “V” to “P”. So from PSECV to PSECP. Perhaps as early as tomorrow morning.

  2. TIM:
    May 14, 2021 — Prospect Capital Corp notified U.S. Bank National Association, the trustee (the “Trustee”) for its 6.25% Notes due 2028 (the “2028 Notes”), of the election to redeem $70.8 million of the aggregate principal amount of the 2028 Notes outstanding and instructed the Trustee to provide notice of such redemption to the holders of the 2028 Notes in accordance with the terms of the indenture governing the 2028 Notes. We expect the redemption to be completed on or about June 15, 2021. Following the redemption, none of the 2028 Notes will remain outstanding.

    Called and not trading.

    I’m wondering how they got to 70.8 million, with 50 million in the IPO 5/31/2018 – 2.00 Million Notes @ $25.00 /note.

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