Prospect Capital tenders for all $162.92 million convertibles due 2022

By Cady Vishniac

Detroit, Dec. 16 – Prospect Capital Corp. launched a tender offer to purchase for cash any and all of its outstanding $162,922,00 4.95% senior convertible notes due 2022 (Cusip: 74348TAR3), according to an 8-K filing with the Securities and Exchange Commission and a market source.

The consideration to be paid for each $1,000 principal amount of notes that are validly tendered and not withdrawn prior to the expiration date is $1,035, plus interest.

The offer will expire at 12 midnight ET on Jan. 15.

The settlement date is expected for Jan. 20.

The offer is expected to be funded with the company’s credit facility and cash on hand. The company currently has $380.1 million available on its credit facility.

D.F. King & Co., Inc. (212 269-5550, 866 388-7452, psec@dfking.com, http://www.dfking.com/psec) is the information and tender agent.

Prospect Capital is a New York-based middle market investment company.

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