Prospect Capital Corporation (NASDAQ: PSEC), a publicly traded business development company, has increased the size of its ongoing offering of the Series A1, M1, and M2 preferred stock from $1 billion to $1.5 billion.
To date, approximately $565 million has been raised in the offering, with approximately $935 million remaining for sale.
The combination of this offering with Prospect’s other preferred stock offerings have exceeded $700 million in aggregate liquidation preference issuances since the initial closing in the quarter ending December 31, 2020, the company said.
“Prospect’s non-traded preferred stock offers investors recurring cash income with a stable stated value, ongoing liquidity, management alignment, leverage caps, and over $4 billion of junior common equity credit support,” said Grier Eliasek, president of Prospect. “Each of the institutional, registered investment advisor, wirehouse, independent private wealth, and international investor channels have invested in Prospect’s preferred stock…”
Prospect Capital Corporation focuses on lending to and investing in private businesses.
Preferred Capital Securities LLC, a securities broker-dealer, serves as the dealer manager for the offering. Preferred Capital Securities has raised approximately $3 billion in non-traded preferred stock since its formation in 2011.
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