Prospect Capital Expands Preferred Stock Program to iCapital Marketplace
PSEC sits 17% above its 52-week low of $2.45.
Summary
Prospect Capital Corporation announced the expansion of its multi-billion-dollar 7.50% Perpetual Preferred Stock Program to the iCapital Marketplace, broadening access for institutional and private wealth investors.
Key Events · Financing and Capital Events · PSEC
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Expanded Distribution for Preferred Stock
Prospect Capital's 7.50% Perpetual Preferred Stock Series A5 and M5 offerings are now available on the iCapital Marketplace.
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Broadened Investor Access
This move aims to expand access for institutions, Registered Investment Advisors, private wealth managers, and financial advisors to the ongoing offerings.
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Significant Capital Program
The perpetual preferred stock program has already raised nearly $2 billion and features a 7.50% fixed monthly dividend rate.
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Strategic Partnership
The company expects this collaboration to benefit its private wealth offerings and enhance diversification and long-term wealth-building value for investors.
Analysis · PSEC · Unknown
This strategic move enhances Prospect Capital's ability to raise capital by making its ongoing preferred stock offerings more accessible to a wider range of investors, including institutions and private wealth managers. The expansion to iCapital Marketplace is expected to streamline investment access and support the company's funding strategy, particularly as it highlights the attractiveness of its fixed 7.50% dividend rate in a declining interest rate environment. This development is positive for the company's financial flexibility and investor diversification.
At the time of this filing, PSEC was trading at $2.88 on NASDAQ in the Unknown sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $2.45 to $4.47. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.