Prospect Capital begins tender offer for $30 million of 4.95% convertibles

By Taylor Fox

New York, Feb. 1 – Prospect Capital Corp. commenced a cash tender offer to purchase up to $30 million of its $136,228,000 outstanding 4.95% senior convertible notes due 2022 (Cusip: 74348TAR3), according to an 8-K filing with the Securities and Exchange Commission.

Prospect Capital will pay $1,030 plus interest per $1,000 of notes tendered.

If more than $30 million of notes are tendered, proration for each holder tendering notes will be calculated with a proration factor.

The offer is not conditioned on any minimum amount of notes being tendered.

The company will purchase any notes that have been validly tendered at or prior to the expiration date and accepted for purchase, subject to all conditions to the tender offer having been either satisfied or waived by the company, promptly following the expiration date.

The offer will expire at midnight ET on March 2.

Settlement is expected three days after the expiration date.

The settlement is expected three business days following the expiration date.

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

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

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