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Stock Market & Financial Investment News

News Breaks
October 15, 2012
07:04 EDTPSECProspect Capital originations exceeded $1.5B in CY12
Prospect Capital announced that Prospect has provided a $42M senior secured loan to support the acquisition of Gulf Coast Machine and Supply Co., or Gulfco, by Altus Capital Partners, a leading private investment firm. Located in Beaumont, Texas, Gulfco is a preferred provider of value-added forging solutions to energy and industrial end markets. Gulfco's specialized equipment and skilled professionals offer advanced ring rolling, open die forging, machining, heat treating, and testing for products formed into large format discs, shaped dies, seamless rolled rings, bushings, and blocks. The company's unique capabilities and track record providing forgings that meet customer design and delivery specifications have positioned Gulfco as a preferred supplier for blue-chip customers operating within highly demanding environments, including subsea production facilities, refineries, offshore oil and gas rigs, and mining. Prospect has closed more than $1.5B of originations to date in the current 2012 calendar year, including approximately $750M in the September 2012 quarter. Prospect's advanced investment pipeline aggregates more than $600 million of potential opportunities.
News For PSEC From The Last 14 Days
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December 18, 2014
05:46 EDTPSECProspect Capital downgraded to Equal Weight from Overweight at Barclays
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December 15, 2014
10:25 EDTPSECProspect Capital to host business news update conference call
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December 9, 2014
10:27 EDTPSECOptions with increasing implied volatility
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December 8, 2014
10:42 EDTPSECOptions with increasing implied volatility
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09:20 EDTPSECOn The Fly: Pre-market Movers
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08:43 EDTPSECProspect Capital suspends ATM equitiy issuance, reduces dividends
Prospect Capital announced that, in light of current share price levels, Prospect has suspended at-the-market equity issuances for the indefinite future. Prospect will continue to take a disciplined approach to any future potential equity issuance, the company said. As of September 30, Prospect's asset concentration in the energy industry stood at 5.1%, including Prospect's first lien senior secured loans where third parties bear first loss capital risk. As of December 31, 2013, Prospect's loan non-accrual rate stood at 0.32%, weighted average portfolio net leverage stood at 4.49 times earnings before interest, taxes, depreciation, and amortization and trailing twelve month first lien origination mix stood at 58.3%. Prospect announced it has declared reduced monthly cash dividends to shareholders in the following amounts and with the following record and payment dates: 8.333c per share for February 2015, with a record date of February 27, 2015 and payment date of March 19, 2015; 8.333c per share for March 2015, with a record date of March 31, 2015 and payment date of April 23, 2015; and 8.333c per share for April 2015, with a record date of April 30, 2015 and payment date of May 21, 2015. "As our updated credit statistics show, we have elected in the past year to take on less risk and focus on higher earnings quality by increasing our percentage of first lien loans and accepting lower interest rates in this yield compressed environment. We have not chased higher yields that we believe do not compensate for risk. While we have more than covered our prior dividends out of taxable earnings, we are reducing the next three declared dividends from past levels because we believe we should pay a dividend that is no more than our minimum expected net investment income, based on our expectations over the next twelve months," said John Barry III, Chairman and CEO of Prospect.

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