Prospect Capital increases revolving credit facility commitments Prospect Capital announced that the company has increased total commitments to its five-year $650M revolving credit facility by $35M to $552.5M the aggregate. The Facility includes an accordion feature that allows Prospect to accept up to an aggregate of $650M of revolving commitments, a target Prospect expects to reach with additional and existing lenders. The $35M commitment comes from a new lender, bringing the total number of lenders to seventeen. The Facility has an investment grade Moody's rating of Aa3.
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Prospect Capital files to sell $400M in convertible notes due 2020 Prospect intends to use the net proceeds from the sale of the Notes to paydown the outstanding balance on the credit facility, maintain balance sheet liquidity, including investments in high quality short-term debt instruments, and thereafter to make long-term investments in accordance with Prospect's investment objectives.