pro97ad.htm
Prospect
Capital Corporation Prices Public Offering of Common Stock
NEW
YORK, NY – (MARKET WIRE) – May 19, 2009 – Prospect Capital
Corporation
(NASDAQ:
PSEC) (“Prospect”) announced that it has priced its public offering of 6.75
million shares of common stock at $8.25 per share, raising $55.6875 million in
gross proceeds. Prospect has granted the underwriters a 30-day
option to purchase up to an additional 1.0125 million shares to cover
over-allotments, if any. The offering is subject to customary closing
conditions and is expected to close on May 26, 2009.
Prospect
expects to use the net proceeds of this offering to initially maintain balance
sheet liquidity by either repaying a portion of the amounts outstanding under
its credit facility or making investments in high quality short-term debt
instruments, 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 is the senior co-manager and Ladenburg
Thalmann & Co. Inc. is the co-manager for the offering.
This
press release does not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the shares referred to in this press
release in any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction. A registration statement relating
to these securities was filed and has been declared effective by the Securities
and Exchange Commission. A copy of the prospectus for the offering
may be obtained from: Citi, Brooklyn Army Terminal, 140 58th Street, Brooklyn,
NY 11220, Attn: Prospectus Department; and UBS Investment Bank, 299 Park Avenue,
New York, NY 10171, Attn: Prospectus Department, 888-827-7275.
ABOUT
PROSPECT CAPITAL CORPORATION
Prospect
Capital Corporation (www.prospectstreet.com) is a closed-end investment company
that lends to and invests in private and microcap public businesses. Our
investment objective is to generate both current income and long-term capital
appreciation through debt and equity investments.
We
have elected to be treated as a business development company under the
Investment Company Act of 1940 (“1940 Act”). We are required to comply with a
series of regulatory requirements under the 1940 Act as well as applicable
NASDAQ, federal and state rules and regulations. We have elected to be treated
as a regulated investment company under the Internal Revenue Code of 1986.
Failure to comply with any of the laws and regulations that apply to us could
have an adverse effect on us and our shareholders.
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, whose safe harbor for
forward-looking statements does not apply to business development
companies. 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 these estimates and projections of the
future. 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
additional information, contact:
Grier
Eliasek, President and Chief Operating Officer
grier@prospectstreet.com
(212)
448-9577