Prospect Capital ( PSEC ), a business development company, has priced $175 million of senior unsecured 6.375% convertible notes due 2025. Prospect has granted underwriters a 13-day over-allotment option to purchase up to an additional $26.25 million of notes.
The notes will be convertible into shares of Prospect's common stock based on an initial conversion rate of 110.7420 shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $9.03 per share. This represents a 31% conversion premium over the las t report ed sale price of Prospect's common stock on Feb. 26 of $6.91.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.