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S&P gives BBB to Prospect Capital convertibles
Standard & Poor's said it assigned its BBB rating to Prospect Capital Corp.'s proposed $400 million senior unsecured convertible notes due in 2020.
S&P's issuer credit rating on Prospect Capital is BBB with a negative outlook.
Prospect Capital intends to use the proceeds from the note issuance to pay down the outstanding balance on its revolving credit facility and make long-term investments.
S&P said it expects Prospect Capital to maintain moderate leverage.
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