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Prospect Capital Corporation Message Board

  • alpharelease alpharelease Nov 15, 2012 11:00 PM Flag

    How did the SPO go?

    In the last conference call, PSEC mentioned that getting an SPO off before the election was what they wanted to do and, in doing so, they were "threading the needle." From the SEC filings, they announced the offering on Nov 1, but no price was given. On Nov 2, they announced that the offering was expected to close Nov 7. On Nov 5, they announced that the underwriters had agreed to buy the offering at 10.97 ($383.6m proceeds to PSEC) with a 11.10 price to investors. (There is also an underwriter option to buy 5m more shares at 10.97 for 30 days.)

    I know little about SPO mechanics, but I know that deal money is important to PSEC, so is it safe to assume that they really got the $383.6m as the prospectus, IMO, implies? Or, am I misreading the SEC filings and, maybe, the SPO didn't actually net what was expected? If this SPO when off as expected, we shareholders caught a real break even as we lick our wounds over the price's tanking.

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