Prospect Capital (PSEC) to Offer 5M Shares of Common

Prospect Capital Corporation (NASDAQ: PSEC) last night announced the commencement of a public offering of 5,000,000 shares of its common stock, par value $0.001 per share. Prospect also plans to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock to cover over-allotments, if any.

Prospect expects to use the net proceeds of this offering to maintain balance sheet liquidity, involving repayment of a portion of the amounts outstanding under its credit facility, make investments in high quality short-term debt instruments or a combination thereof, and thereafter to make long-term investments in accordance with its investment objective. Citi and UBS Investment Bank are the joint bookrunning managers for the offering. BB&T Capital Markets, a division of Scott & Stringfellow, LLC and RBC Capital Markets are the co-managers.