BDC Prospect Capital (PSEC) has continued to sell plenty of shares of the 5.50% perpetual preferred which is an untraded security (although they imply it may be listed in the future).
In a press release today they said sales of the shares exceed $500 million which would appear to mean they have sold about $50 million in shares in the last month.
While these new shares are convertible, at the option of the holder, anytime prior to exchange listing it is somewhat surprising that that they are able to sell that many shares of a 5.50% coupon issue.
Here is one of the prospectuses related to the 5.50% shares–although there are additional prospectuses since this one.
The current exchange traded 5.35% perpetual preferred (PSEC-A) is trading at $19.70/share with a current yield of 6.79%. This has taken an incessant pounding—as Gridbird would say ‘names matter’ and Prospect Capital is a hated name.