Prospect Capital Corporation Prices Public Offering of Common Stock
| Source: Prospect Capital Corporation
NEW YORK, NY--(Marketwire - May 28, 2008) - Prospect Capital Corporation (NASDAQ : PSEC )
("Prospect") announced that it has priced its public offering of 3.25
million shares of common stock at $14.90 per share, raising $48.425 million
in gross proceeds. Prospect has granted the underwriters an option to
purchase up to an additional 0.4875 million shares to cover
over-allotments, if any. The offering is subject to customary closing
conditions and is expected to close on June 2, 2008.
Prospect expects to use the net proceeds of this offering to repay
outstanding indebtedness, to fund investments in portfolio companies and
for general corporate purposes. Citi, Wachovia Securities, Oppenheimer &
Co. Inc., and RBC Capital Markets Corporation are the underwriters for the
offering. Citi and Wachovia Securities are the joint bookrunning managers
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;
Wachovia Capital Markets, LLC, equity.syndicate@wachovia.com; Oppenheimer &
Co. Inc., 125 Broad Street, 16th Floor, New York, NY 10004; RBC Capital
Markets Corporation, One Liberty Plaza, New York, NY 10016.
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. Prospect Capital's investment objective is to generate both
current income and capital appreciation through debt and equity
investments.
Prospect Capital has 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 laws 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 Prospect Capital could have a material adverse
effect on Prospect Capital and its shareholders.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any such
statements, other than statements of historical fact, are likely to be
affected by other unknowable future events and conditions, including
elements of the future that are or are not under the Company's control, and
that the Company 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 the Company undertakes
no obligation to update any such statement now or in the future.