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Prospect Capital Announces $112 Million First-Lien Senior Secured Investment and Increases Current Quarter Net Investment Income Estimate to 31 to 35 Cents per Share, Providing a Current Stock Price Net Investment Income Yield of 12.2% to 13.8%

Jun 12 2013 12:00AM

Marketwire

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NEW YORK, NY -- (Marketwired) -- 06/12/13 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has increased its estimate of net investment income for the current June 2013 quarter to $0.31 to $0.35 per share.

Based on the closing stock price as of June 11, 2013, this estimate represents an annualized net investment income yield of 12.2% to 13.8%.

Prospect also announced that it recently completed a $112 million first-lien senior secured investment in a leading third-party logistics company that services many of the largest shippers in the world.

Prospect has closed nearly $1.3 billion of originations to date in the current 2013 calendar year. Prospect closed nearly $3 billion of originations in the twelve months ended March 31, 2013.

Prospect currently has no borrowings under its revolving credit facility. Assuming sufficient assets are pledged to the facility and compliance with all facility terms, after taking into account cash balances on hand, Prospect has over $800 million of new investment capacity.

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 any forward-looking statements. 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.



Source: Marketwire


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