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Section 1: 8-K (8-K)

Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 8, 2019 (February 6, 2019)

Prospect Capital Corporation
(Exact name of registrant as specified in its charter)

 
 
 
 
 
MARYLAND 
 
814-00659
 
43-2048643
(State or other jurisdiction
 
(Commission File Number)
 
(IRS Employer
of incorporation)
 
 
 
Identification No.)

10 East 40th Street, 42nd Floor, New York, New York 10016
(Address of principal executive offices, including zip code)

(212) 448-0702

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 



Item 2.02.   Results of Operations and Financial Condition.

On February 6, 2019, the registrant issued a press release announcing its financial results for its second fiscal quarter ended December 31, 2018. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On February 6, 2019, the registrant issued a press release, included herewith as Exhibit 99.1, and by this reference incorporated herein, announcing the declaration of monthly cash distributions to shareholders in the following amounts and with the following record and payment dates:
$0.06 per share for February 2019 to February 28, 2019 record holders with March 21, 2019 payment date;
$0.06 per share for March 2019 to March 29, 2019 record holders with April 18, 2019 payment date; and
$0.06 per share for April 2019 to April 30, 2019 record holders with May 23, 2019 payment date.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.





2



 
 



Item 9.01. Financial Statements and Exhibits
(d) Exhibits

99.1
Press Release, dated February 6, 2019



3



 
 




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Prospect Capital Corporation


By:     /s/ M. Grier Eliasek
Name: M. Grier Eliasek
Title: Chief Operating Officer
Date:  February 8, 2019


4



 
 



Index to Exhibits
Exhibit
Number
Description
 
 
 
 
 
 
 
 
 
 


5



 
 

(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1

Prospect Capital Reports December 2018 Quarterly Results and Declares Additional Monthly Distributions

NEW YORK - (GLOBE NEWSWIRE) - February 6, 2019 - Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our second fiscal quarter ended December 31, 2018.

All amounts in $000’s except
   per share amounts
Quarter Ended
Quarter Ended
Quarter Ended
December 31, 2018
September 30, 2018
December 31, 2017
 
 
 
 
Net Investment Income (“NII”)
$80,811
$85,159
$73,192
Interest as % of Total Investment Income
84.1%
88.4%
94.4%
 
 
 
 
NII per Share
$0.22
$0.23
$0.20
 
 
 
 
Net (Loss) Income
$(67,389)
$83,795
$121,727
Net (Loss) Income per Share
$(0.18)
$0.23
$0.34
 
 
 
 
Distributions to Shareholders
$65,837
$65,693
$64,912
Distributions per Share
$0.18
$0.18
$0.18
 
 
 
 
NAV per Share at Period End
$9.02
$9.39
$9.28
 
 
 
 
Net of Cash Debt to Equity Ratio
75.0%
75.1%
60.2%

For the December 2018 quarter, we earned net investment income (“NII”) of $80.8 million, or $0.22 per weighted average share, down $0.01 from the September 2018 quarter, exceeding our current quarterly dividend rate of $0.18 per share by $0.04 per share. The decrease in NII per share resulted primarily from an increase in operating expenses partially offset by an increase in investment income due to higher levels of structuring fee income compared to the September 2018 quarter.
In the December 2018 quarter, our net of cash debt to equity ratio was 75.0%, down 0.1% from September 2018.
For the December 2018 quarter, our net loss was $(67.4) million, or $(0.18) per weighted average share, a decrease of $0.41 from the September 2018 quarter. The decrease in our net asset value (“NAV”) resulted primarily from unrealized losses in our portfolio, including due to a decline in industry valuations in the overall debt and equity capital markets as of December 31, 2018.
Our NAV per share decreased by $0.37 to $9.02 during the December 2018 quarter.






All amounts in $000’s except
   per share amounts
Six Months Ended
December 31, 2018
Six Months Ended
December 31, 2017
 
 
 
NII
$165,970
$136,924
NII per Share
$0.45
$0.38
 
 
 
Net Income (“NI”)
$16,406
$133,700
NI per Share
$0.04
$0.37
 
 
 
Distributions to Shareholders
$131,531
$146,559
Distributions per Share
$0.36
$0.41

For the six months ended December 31, 2018, we earned NII of $166.0 million, or $0.45 per weighted average share, up $0.07 from the prior year. For the six months ended December 31, 2018, we earned NI of $16.4 million, or $0.04 per weighted average share, down $0.33 from the prior year.

DISTRIBUTION DECLARATION

Prospect is declaring distributions as follows:

$0.06 per share for February 2019 to February 28, 2019 record holders with March 21, 2019 payment date;
$0.06 per share for March 2019 to March 29, 2019 record holders with April 18, 2019 payment date; and
$0.06 per share for April 2019 to April 30, 2019 record holders with May 23, 2019 payment date.
These distributions mark Prospect’s 127th, 128th, and 129th consecutive cash distributions to shareholders.
Based on the declarations above, Prospect’s closing stock price of $6.93 at February 5, 2019 delivers to shareholders a dividend yield of 10.4%.

Based on past distributions and our current share count for declared distributions, Prospect since inception through our April 2019 distribution will have distributed $17.16 per share to original shareholders, aggregating approximately $2.8 billion in cumulative distributions to all shareholders.
Prospect expects to declare May 2019, June 2019, July 2019, and August 2019 distributions in May 2019.





PORTFOLIO AND INVESTMENT ACTIVITY

We continue to prioritize secured lending. At December 31, 2018, September 30, 2018, and June 30, 2018, our portfolio comprised the following:
All amounts in $000’s except
   per unit amounts
As of
As of
As of
December 31, 2018
September 30, 2018
June 30, 2018
 
 
 
 
Total Investments (at fair value)
$5,842,570
$5,936,683
$5,727,279
Number of Portfolio Companies
139
137
135
% Controlled Investments (at fair value)
41.6%
41.9%
42.0%
 
 
 
 
Secured First Lien
46.2%
44.4%
43.9%
Secured Second Lien
23.1%
21.7%
22.1%
Structured Credit
16.0%
16.3%
16.8%
Equity Investments
14.3%
17.1%
16.6%
Unsecured Debt
0.4%
0.5%
0.6%
 
 
 
 
Annualized Current Yield - All Investments
10.7%
10.8%
10.5%
Annualized Current Yield - Performing Interest Bearing Investments
13.1%
13.5%
13.0%
 
12.5%
 
 
Top Industry Concentration(1)
13.8%
14.1%
14.2%
 
 
 
 
Energy Industry Concentration(1)
3.0%
3.2%
3.0%
 
 
 
 
Non-Accrual Loans as % of Total Assets (2)
3.6%
2.4%
2.5%
 
 
 
 
Weighted Average Portfolio Net Leverage(3)
4.57x
4.58x
4.60x
Weighted Average Portfolio EBITDA(3)
$58,491
$56,459
$55,384
(1)
Excluding our underlying industry-diversified structured credit portfolio.
(2)
Calculated at fair value.
(3)
For additional disclosure see “Weighted Average Portfolio EBITDA and Net Leverage” at the end of this release.





During the December 31, 2018 and September 30, 2018 quarters, our investment origination and repayment activity was as follows:

All amounts in $000’s
Quarter Ended
Quarter Ended
December 31, 2018
September 30, 2018
 
 
 
Total Originations
$226,252
$254,642
 
 
 
Non-Agented Debt
63.7%
20.8%
Structured Credit
19.0%
9.3%
Agented Sponsor Debt
14.5%
63.6%
Agented Non-Sponsor Debt
2.1%
0.0%
Real Estate
0.6%
4.2%
Corporate Yield Buyouts
0.1%
2.1%
 
 
 
Total Repayments
$163,502
$56,608
Originations, Net of Repayments
$62,750
$198,034

For a listing of transactions completed during the quarter, please see section titled “Portfolio Investment Activity” in our Form 10-Q for the quarter ended December 31, 2018.





We have invested in structured credit investments with individual standalone financings non-recourse to Prospect and with our risk limited in each case to our net investment amount. At December 31, 2018 and September 30, 2018, our structured credit portfolio at fair value consisted of the following:
All amounts in $000’s except
   per unit amounts
As of
As of
December 31, 2018
September 30, 2018
 
 
 
Total Structured Credit Investments
$937,127
$965,322
 
 
 
# of Investments
48
46
 
 
 
CLO Equity
 
 
TTM Average Cash Yield(1)(2)(3)
17.5%
16.2%
Annualized Cash Yield(1)(2)(3)
21.0%
11.7%
Annualized GAAP Yield on Fair Value(1)(2)
15.5%
14.4%
Annualized GAAP Yield on Amortized Cost(2)(4)
12.6%
12.2%
 
 
 
Cumulative Cash Distributions
$1,237,719
$1,191,061
% of Original Investment
80.8%
77.9%
 
 
 
# of Underlying Collateral Loans
1,855
1,908
Total Asset Base of Underlying Portfolio
$19,196,380
$19,335,517
 
 
 
Prospect TTM Default Rate
0.92%
1.13%
Broadly Syndicated Market TTM Default Rate
1.63%
1.81%
Prospect Default Rate Outperformance vs. Market
0.71%
0.68%
(1)
Calculation based on fair value.
(2)
Excludes deals in the process of redemption.
(3)
Excludes deals that have yet to make a first payment.
(4)
Calculation based on amortized cost.
To date, including called deals in the process of liquidation, we have exited 11 structured credit investments totaling $290.5 million with an expected average realized IRR of 16.1% and cash on cash multiple of 1.49 times.
Since December 31, 2017 through today, 22 structured credit investments have completed multi-year extensions of their reinvestment periods (typically at reduced liability spreads). We believe further upside exists in our structured credit portfolio through additional refinancings and reinvestment period extensions.





To date during the March 2019 quarter, we have completed new and follow-on investments as follows:
All amounts in $000’s
Quarter Ended
March 31, 2019
 
 
Total Originations
$3,290
 
 
Non-Agented Debt
100.0%
 
 
Total Repayments
$44,307
Originations, Net of Repayments
$(41,017)


LIQUIDITY AND FINANCIAL RESULTS

The following table summarizes key leverage statistics at December 31, 2018, September 30, 2018, and December 31, 2017:
All amounts in $000’s
As of
December 31, 2018
As of
September 30, 2018
As of
December 31, 2017
Net of Cash Debt to Equity Ratio
75.0%
75.1%
60.2%
% of Assets at Floating Rates
88.2%
87.8%
89.3%
% of Liabilities at Fixed Rates
88.5%
85.0%
99.9%
 
 
 
 
Unencumbered Assets
$4,322,091
$4,667,374
$4,606,067
% of Total Assets
72.4%
75.3%
77.8%

In November 2018 we issued $50 million of 2029 Notes. The below table summarizes our December 2018 quarter issuance and repurchase activity:
All amounts in $000’s
Principal
Rate
Maturity
 
 
 
 
Debt Issuances
 
 
 
      2029 Notes
$50,000
6.875%
June 2029
      2024 Notes ATM
              $4,450
6.25%
June 2024
      2028 Notes ATM
$2,332
6.25%
June 2028
Repurchases
 
 
 
2020 Notes
$13,500
4.75%
April 2020
Prospect Capital InterNotes®
$70,072
4.25% - 5.50%
May 2020 - November 2020

On August 1, 2018, we completed an extension of the revolving credit facility (the “Facility”) for Prospect Capital Funding, extending the term 5.7 years from such date and reducing the interest rate on drawn amounts to one-month Libor plus 2.20%.




 
The new Facility, for which $1.02 billion of commitments have been closed to date with 29 institutional lenders (representing one of the most diversified bank groups in our industry), with further increases targeted, includes an accordion feature that allows the Facility, at Prospect's discretion, to accept up to a total of $1.5 billion of commitments. The Facility matures March 27, 2024. The Facility includes a revolving period that extends through March 27, 2022, followed by an additional two-year amortization period, with distributions allowed to Prospect after the completion of the revolving period.
We currently have eight separate unsecured debt issuances aggregating $1.6 billion outstanding, not including our program notes, with laddered maturities extending to June 2029. At December 31, 2018, $725.7 million of program notes were outstanding with staggered maturities through October 2043.
EARNINGS CONFERENCE CALL
Prospect will host an earnings call on Thursday, February 7, 2019 at 11:00 am. Eastern Time. Dial 888-338-7333. For a replay prior to March 6, 2019, call 877-344-7529 passcode 10128664. The call will be available prior to March 6, 2019 on
Prospect’s website, www.prospectstreet.com.




PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share data)
 
December 31, 2018
 
June 30, 2018
 
 
 
(Unaudited)
 
(Audited)
Assets
 
 
 

Investments at fair value:
 

 
 

Control investments (amortized cost of $2,381,352 and $2,300,526, respectively)
$
2,432,766

 
$
2,404,326

Affiliate investments (amortized cost of $176,997 and $55,637, respectively)
91,861

 
58,436

Non-control/non-affiliate investments (amortized cost of $3,538,047 and $3,475,295, respectively)
3,317,943

 
3,264,517

Total investments at fair value (amortized cost of $6,096,396 and $5,831,458, respectively)
5,842,570

 
5,727,279

Cash
109,668

 
83,758

Receivables for:
 
 
 
Interest, net
7,663

 
19,783

Other
237

 
1,867

Deferred financing costs on Revolving Credit Facility (Note 4)
8,493

 
2,032

Due from broker
580

 
3,029

Prepaid expenses
568

 
984

Due from Affiliate
88

 
88

Total Assets 
5,969,867

 
5,838,820

Liabilities 
 

 
 

Revolving Credit Facility
297,000

 
37,000

Convertible Notes (less unamortized debt issuance costs of $10,636 and $13,074, respectively)
798,011

 
809,073

Public Notes (less unamortized discount and debt issuance costs of $13,946 and $11,007,
  respectively)
742,762

 
716,810

Prospect Capital InterNotes® (less unamortized debt issuance costs of $11,641 and $11,998,
respectively)
714,018

 
748,926

Due to Prospect Capital Management
51,301

 
49,045

Interest payable
32,975

 
33,741

Dividends payable
21,963

 
21,865

Due to broker

 
6,159

Accrued expenses
5,505

 
5,426

Due to Prospect Administration
1,785

 
2,212

Other liabilities
1,372

 
1,516

Total Liabilities 
2,666,692

 
2,431,773

Commitments and Contingencies
 
 
 
Net Assets 
$
3,303,175

 
$
3,407,047

 
 
 
 
Components of Net Assets 
 

 
 

Common stock, par value $0.001 per share (1,000,000,000 common shares authorized; 366,055,966 and 364,409,938 issued and outstanding, respectively)
$
366

 
$
364

Paid-in capital in excess of par
4,032,761

 
4,021,541

Accumulated overdistributed net investment income
(10,716
)
 
(45,186
)
Accumulated net realized loss
(465,410
)
 
(465,493
)
Net unrealized loss
(253,826
)
 
(104,179
)
Net Assets 
$
3,303,175

 
$
3,407,047

 
 
 
 
Net Asset Value Per Share
$
9.02

 
$
9.35





PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)

 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2018
 
2017
 
2018
 
2017
Investment Income
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
 
 
Control investments
$
53,674

 
$
47,418

 
$
110,128

 
$
93,448

Affiliate investments
174

 

 
401

 
205

Non-control/non-affiliate investments
68,679

 
75,833

 
137,288

 
148,263

Structured credit securities
35,467

 
30,131

 
69,619

 
59,551

Total interest income
157,994

 
153,382

 
317,436

 
301,467

Dividend income:
 
 
 
 
 
 
 
Control investments
13,000

 

 
27,665

 

Non-control/non-affiliate investments
266

 
326

 
528

 
870

Total dividend income
13,266

 
326

 
28,193

 
870

Other income:
 
 
 
 
 
 
 
Control investments
15,741

 
4,038

 
18,532

 
6,129

Non-control/non-affiliate investments
882

 
4,654

 
4,144

 
12,513

Total other income
16,623

 
8,692

 
22,676

 
18,642

Total Investment Income
187,883

 
162,400

 
368,305

 
320,979

Operating Expenses
 
 
 
 
 
 
 
Base management fee
33,187

 
29,559

 
63,144

 
59,722

Income incentive fee
20,203

 
18,298

 
41,493

 
34,231

Interest and credit facility expenses
40,656

 
39,347

 
78,564

 
80,382

Allocation of overhead from Prospect Administration
5,642

 
(824
)
 
9,007

 
2,704

Audit, compliance and tax related fees
2,389

 
1,866

 
2,782

 
2,954

Directors’ fees
150

 
112

 
229

 
225

Other general and administrative expenses
4,845

 
850

 
7,116

 
3,837

Total Operating Expenses
107,072

 
89,208

 
202,335

 
184,055

Net Investment Income
80,811

 
73,192

 
165,970

 
136,924

Net Realized and Net Change in Unrealized Gains (Losses) from Investments
 
 
 
 
 
 
 
Net realized gains (losses)
 
 
 
 
 
 
 
Control investments
2,801

 
2

 
2,802

 
11

Affiliate investments

 

 

 
846

Non-control/non-affiliate investments
192

 
(5,675
)
 
1,232

 
(5,093
)
Net realized gains (losses)
2,993

 
(5,673
)
 
4,034

 
(4,236
)
Net change in unrealized (losses) gains
 
 
 
 
 
 
 
Control investments
(85,733
)
 
44,425

 
(33,815
)
 
45,518

Affiliate investments
(5,894
)
 
1,533

 
(19,649
)
 
6,726

Non-control/non-affiliate investments
(59,069
)
 
8,737

 
(96,183
)
 
(50,300
)
Net change in unrealized (losses) gains
(150,696
)
 
54,695

 
(149,647
)
 
1,944

Net Realized and Net Change in Unrealized (Losses) Gains from Investments
(147,703
)
 
49,022

 
(145,613
)
 
(2,292
)
Net realized losses on extinguishment of debt
(497
)
 
(487
)
 
(3,951
)
 
(932
)
Net (Decrease) Increase in Net Assets Resulting from Operations
$
(67,389
)
 
$
121,727

 
$
16,406

 
$
133,700

Net (decrease) increase in net assets resulting from operations per share
$
(0.18
)
 
$
0.34

 
$
0.04

 
$
0.37

Dividends declared per share
$
(0.18
)
 
$
(0.18
)
 
$
(0.36
)
 
$
(0.41
)




PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
ROLLFORWARD OF NET ASSET VALUE PER SHARE
(in actual dollars)


 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
 
2018
 
2017
 
2018
 
2017
 
Per Share Data
 
 
 
 
 
 
 
Net asset value at beginning of period
$
9.39

 
$
9.12

 
$
9.35

 
$
9.32

 
Net investment income(1)
0.22
 
 
0.20
 
 
0.45
 
 
0.38
 
 
Net realized and change in unrealized gains (losses) (1)
(0.40
)
 
0.14
 
 
(0.41
)
 
(0.01
)
 
Distributions of net investment income
(0.18
)
 
(0.18
)
 
(0.36
)
 
(0.41
)
 
Common stock transactions(2)
(0.01
)
 
 
(3)
(0.03
)
 
 

(3)
  Net asset value at end of period
$
9.02

 
$
9.28

 
$
9.02

 
$
9.28

 
(1)
Per share data amount is based on the weighted average number of common shares outstanding for the period presented (except for dividends to shareholders which is based on actual rate per share).
(2)
Common stock transactions include the effect of issuances and repurchases of common stock, if any.
(3)
Amount is less than $0.01.

WEIGHTED AVERAGE PORTFOLIO EBITDA AND NET LEVERAGE

Weighted Average Portfolio Net Leverage (“Portfolio Net Leverage”) and Weighted Average Portfolio EBITDA (“Portfolio EBITDA”) provide clarity into the underlying capital structure of our portfolio debt investments and the likelihood that our overall portfolio will make interest payments and repay principal.     
Portfolio Net Leverage reflects the net leverage of each of our portfolio company debt investments, weighted based on the current fair market value of such investments. The net leverage for each portfolio company is calculated based on our investment in the capital structure of such portfolio company, with a maximum limit of 10.0x adjusted EBITDA. This calculation excludes debt subordinate to our position within the capital structure because our exposure to interest payment and principal repayment risk is limited beyond that point. Additionally, structured credit residual interests and equity investments, for which principal repayment is not fixed, are also not included in the calculation. The calculation does not exceed 10.0x adjusted EBITDA for any individual investment because 10.0x captures the highest level of risk to us. Portfolio Net Leverage provides us with some guidance as to our exposure to the interest payment and principal repayment risk of our overall debt portfolio. We monitor our Portfolio Net Leverage on a quarterly basis.
Portfolio EBITDA is used by Prospect to supplement Portfolio Net Leverage and generally indicates a portfolio company’s ability to make interest payments and repay principal. Portfolio EBITDA is calculated using the weighted average dollar amount EBITDA of each of our portfolio company debt investments. The calculation provides us with insight into profitability and scale of the portfolio companies within our overall debt investments.
These calculations include addbacks that are typically negotiated and documented in the applicable investment documents, including but not limited to transaction costs, share-based compensation, management fees, foreign currency translation adjustments and other nonrecurring transaction expenses.
Together, Portfolio Net Leverage and Portfolio EBITDA assist us in assessing the likelihood that we will timely receive interest and principal payments. However, these calculations are not meant to substitute for an analysis of our underlying portfolio company debt investments, but to supplement such analysis.




ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private 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.
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. We undertake no obligation to update any such statement now or in the future.
For additional information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectstreet.com
Telephone (212) 448-0702



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