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OFFON

PROSPECT CAPITAL CORPORATION

(PSEC)
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Prospect Capital : Announces Launch of Cash Tender Offer For its 4.95% Senior Convertible Notes due 2022 (Form 8-K)

08/27/2021 | 04:42am EDT
Prospect Capital Corporation Announces Launch of
Cash Tender Offer For its
4.95% Senior Convertible Notes due 2022
NEW YORK, NY - (GLOBE NEWSWIRE) - August 26, 2021 - Prospect Capital Corporation (the 'Company') today announced that it has commenced a cash tender offer (the 'Tender Offer') to purchase up to $60,000,000 aggregate principal amount of outstanding 4.95% Senior Convertible Notes due 2022 (the 'Notes'). The Tender Offer will expire at 12:00 midnight, New York City time, on September 24, 2021 (one minute after 11:59 p.m., New York City time, on September 23, 2021), or any other date and time to which the Company extends the Tender Offer (such date and time, as it may be extended, the 'Expiration Date'). The Tender Offer is made pursuant to an Offer to Purchase dated today, which sets forth the terms and conditions of the Tender Offer.
Title of Security
CUSIP / ISIN Nos. Outstanding Principal Amount Aggregate Principal Amount Sought
4.95% Senior Convertible Notes due 2022 74348TAR3 / US74348TAR32 $111,055,000 $60,000,000
The consideration to be paid for each $1,000 principal amount of Notes that are validly tendered and not validly withdrawn on or prior to the Expiration Date is $1,025.00, plus accrued and unpaid interest on the Notes, if any, from the last interest payment date up to, but not including, the Settlement Date (as defined herein).

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 date of such acceptance and purchase, the 'Settlement Date'). If Notes with an aggregate principal amount in excess of $60,000,000 are validly tendered and not validly withdrawn at or prior to the Expiration Date, proration for each holder tendering Notes will be calculated with a proration factor of such amount so that the Company only accepts for purchase an aggregate principal amount of Notes of $60,000,000. The Settlement Date is expected to occur within three business days following the Expiration Date, assuming the conditions to the Tender Offer have been either satisfied or waived by the Company at or prior to the Expiration Date.
As described in the Offer to Purchase, tendered Notes may be validly withdrawn from the Tender Offer at or prior to the Expiration Date. The Tender Offer is not conditioned on any minimum amount of Notes being tendered. The Company may amend, extend or, subject to certain conditions and applicable law, terminate the Tender Offer at any time in its sole discretion.
The Company has retained D.F. King & Co., Inc. to serve as the Information and Tender Agent for the Notes in the Tender Offer.
The Tender Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase, a copy of which may be obtained from D.F. King & Co., Inc. at (212) 269-5550 (Banks and Brokers) or (866) 388-7452 (toll free), or via psec@dfking.com.
A copy of the Offer to Purchase is also available at the following web address: http://www.dfking.com/psec
This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities. The solicitation of offers to buy the Notes is only being made pursuant to the terms of the Offer to Purchase, as it may be amended or supplemented. Holders should read the Company's commencement Tender Offer statement on Schedule TO filed with the SEC in connection with the Tender Offer, which will include as an exhibit the Offer to Purchase and related materials, as well as any amendments or supplements to the Schedule TO when they become available, because they will contain important information. Each of these documents will be filed with the SEC, and, when available, holders may obtain them for free from the SEC at its website (www.sec.gov) or from the Company's information and tender agent in connection with the Tender Offer. The Tender Offer is not being made in any state or


jurisdiction in which such offer would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. None of the Company or the Information and Tender Agent are making any recommendation as to whether or not holders should tender their Notes in connection with the Tender Offer.
About Prospect Capital Corporation
Prospect Capital Corporation is a business development company that focuses on lending to and investing in private businesses. Prospect's investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 ('1940 Act'). Prospect is required to comply with regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. These forward-looking statements include statements regarding expectations as to the completion of the transactions contemplated by the Tender Offer. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Telephone (212) 448-0702

Disclaimer

Prospect Capital Corporation published this content on 26 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 08:41:19 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2022 685 M - -
Net income 2022 287 M - -
Net Debt 2022 - - -
P/E ratio 2022 11,4x
Yield 2022 8,80%
Capitalization 3 183 M 3 183 M -
Capi. / Sales 2022 4,64x
Capi. / Sales 2023 4,27x
Nbr of Employees 3
Free-Float 72,2%
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Mean consensus SELL
Number of Analysts 2
Last Close Price 8,18 $
Average target price 6,50 $
Spread / Average Target -20,5%
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Managers and Directors
John Francis Barry Chairman & Chief Executive Officer
Michael Grier Eliasek President, COO & Independent Director
Kristin Van Dask Secretary, Chief Financial & Compliance Officer
Al Faella Chief Technology Officer
Steven Elliott Chief Information Officer
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