Prospect Capital WKN A0B746 (Seite 97)
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ISIN: US74348T1025 · WKN: A0B746 · Symbol: PSEC
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Werte aus der Branche Finanzdienstleistungen
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1,3500 | +33,66 | |
| 32,00 | +27,95 | |
| 2,5000 | +25,00 | |
| 0,5800 | +23,40 | |
| 6,1100 | +18,64 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1,8775 | -14,17 | |
| 1,2600 | -16,00 | |
| 19,850 | -16,53 | |
| 1.138,25 | -16,86 | |
| 0,9150 | -21,79 |
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Antwort auf Beitrag Nr.: 42.446.012 von rauldiblasio am 06.12.11 18:36:40Hallo rauldiblasio,
auch dir ein herzliches Willkommen im Board.
Deinen Spruch bzgl. der Frauen verstehe ich allerdings nicht...
Grüße
rickrack
auch dir ein herzliches Willkommen im Board.
Deinen Spruch bzgl. der Frauen verstehe ich allerdings nicht...
Grüße
rickrack
Na, dann hoffen wir mal, dass Kostolany recht hatte, und die Frauen tatsächlich eine bessere Nase bzzgl. Invetments haben..
melde mich an Bord!
melde mich an Bord!
Hallo zusammen,
es gibt einen neuen Report über Prospect (und einen anderen BDC-Wert, der monatlich Dividende zahlt) bei seekingalpha.com
A Tale Of Two Very Different BDCs
Both Prospect Capital (PSEC) and Gladstone Capital (GLAD) are business development companies (BDCs), that pay monthly dividends with substantial yields (PSEC 12% and GLAD 10%), and trade below book value. That’s pretty much where the similarities end. The two companies just reported their 3rd quarter earnings, and after listening to the calls and digesting the earnings reports, it is obvious that the companies are headed in different directions as discussed below.
Net Asset Value (NAV)
Over the last four quarters, GLAD has featured a decreasing NAV: 11.85 to 11.18 to 10.34 to 10.16. Conversely, PSEC’s NAV numbers have increased nicely: 10.25 to 10.30 to 10.36 to 10.41. PSEC’s most recent book value of 10.41 represents a -9.2% discount to NAV, whereas GLAD trades at a -23.6% discount.
Portfolio Quality
From PSEC’s latest earnings, it was reported that for the quarter ending September 30, no new loans were placed on non-accrual. The following statement was also made:
The fair market value of our loan assets on non-accrual as a percentage of total assets stood at approximately 3.0% on September 30, 2011, down from 3.5% on June 30, 2011. Approximately 2.2% of that 3.0% related to one investment that we anticipate, but cannot guarantee, exiting in the current quarter to reduce our non-accruals even further.
An inspection GLAD’s latest earnings paints a much different picture. GLAD has about $290 million of self-originated assets. Of those, 14% are on non-accrual and almost 16% are marked less than $0.50 on the $1.That’s 30% of the portfolio that GLAD has underwritten - all of which are looking pretty bad.
GLAD placed two new loans on non-accrual (compared to PSEC’s zero) - Newhall Holdings and Access Television. These investments have a cost basis of $41.1 million or about 10.8% of the cost basis of all investments in their portfolio. The recent performance of GLAD management is downright ugly. Another example of poor performance is Sunshine Media, which is currently valued at about $0.30 on the $1.00, but has not yet been placed on non-accrual status. It is loans such as these which are currently generating cash flow, but could easily stop the next quarter or two given their current value. GLAD’s current portfolio is valued at $0.79 on the $1.00 – not pretty.
Yield on Assets
For the most recent quarter, PSEC reported an annualized yield on assets of 12.4%, with GLAD coming in at 11.2%. This is driving better top-line performance for PSEC.
Dividend
PSEC continues to gradually increase their dividend month-over-month. The dividend has increased from 0.1010 as of January 2011 to 0.101425 as of December 2011. GLAD’s divided remained at 0.07 for the entire year. The one black eye for PSEC is that net investment income (0.26) came in slightly below dividends declared (0.303). It should be noted that GLAD has covered their dividend for the quarter (0.21) with net investment income (0.23). Regarding GLAD’s NAV, and its impact on future dividends, I took notice of the following quote from the earnings report:
The cumulative unrealized depreciation of our investments does not have an impact on our current ability to pay distributions to stockholders, but thus indicate that the value is lower and there may be future realized losses that could ultimately reduce our distribution.
Ability to Raise Capital
PSEC has consistently shown the ability to raise capital. For example, from the latest earnings report:
On December 21, 2010, we issued $150 million of five-year unsecured 6.25% senior convertible notes due December 2015 ("2015 Notes"). On February 18, 2011, we issued $172.5 million in aggregate principal amount of 5.5-year unsecured 5.50% senior convertible notes due August 2016 ("2016 Notes") for net proceeds of approximately $167.3 million.
On the other hand, GLAD is having a much tougher time. GLAD raised just 33 million at 7.125% via a preferred stock offering. Notice that the cost of funds is much greater than PSEC’s recent debt raises. Further, GLAD management had this to say:
I want to remind everybody that our biggest challenge today is the long-term debt marketplace for our company. We have a line of credit with very supportive lenders. Those institutions seem to be behind us. The line of credit is working fine and we believe it’s sufficient for our near-term needs, but it is a short-term line of credit...But at the end of the day, we have to find long-term funding solutions for our company. In order to make a lot of long-term investments, we need to raise long-term debt and long-term capital such as the issuance of our preferred stock that we issued just last month.. And this lack of long-term debt and long-term equity can stunt the growth or if we can find it, it will accelerate our growth. And that’s our challenge in the near time.
The above quote does not exactly make you feel warm and fuzzy.
Management
PSEC has provided solid results quarter-over-quarter, and management spends its time on conference calls discussing their performance and how they hope to build on that going forward. GLAD’s quarterly conference call, as per usual, can be pretty painful to listen in on. CEO David Gladstone gets on his soapbox to blame everything under the sun for their sub-standard performance rather than owning their poor business decisions. An example of this from the most recent conference call is as follows:
We do have our worries and I mention them each time. I’ll just run through them now. And we worry about oil prices. Oil is on the way up. ..We are worried about inflation, decisions by congress and the president to expand the money supply will ultimately cause more inflation and more problems...The amount of money being spent on the war in Iraq and Afghanistan certainly hurts the economy…And of course, the government is talking about raising taxes again. I don’t know how much the economy can stand in more taxes. But we all know that we have a spending problem and not a tax problem today…In addition, the trade deficit with China, certainly, China’s just one of those nations that continues to subsidize their industries to the disadvantage of our businesses here that aren’t subsidized…And that means that our companies have a hard time competing with them and that means jobs leaving the United States and go to Asia…The downturn in housing has been a real drag on the economy. It’s been a disaster obviously for mortgage holders, as well as those who have mortgages that are now underwater...I’m just glad that we weren’t investors in anything in the housing industry.
What business does not worry about at least one of the items Gladstone mentions? GLAD comes off as making excuses for its performance, whereas its peers, such as PSEC, continue to put up solid numbers and improve their book value quarter-over-quarter.
Conclusion
Given GLAD’s issues, I recommend a paired trade of going long PSEC and shorting GLAD. The short should provide any downside protection if the US economy does falter. GLAD would be impacted more severely given its poorer portfolio quality.
Disclosure: I am long PSEC, short GLAD
es gibt einen neuen Report über Prospect (und einen anderen BDC-Wert, der monatlich Dividende zahlt) bei seekingalpha.com
A Tale Of Two Very Different BDCs
Both Prospect Capital (PSEC) and Gladstone Capital (GLAD) are business development companies (BDCs), that pay monthly dividends with substantial yields (PSEC 12% and GLAD 10%), and trade below book value. That’s pretty much where the similarities end. The two companies just reported their 3rd quarter earnings, and after listening to the calls and digesting the earnings reports, it is obvious that the companies are headed in different directions as discussed below.
Net Asset Value (NAV)
Over the last four quarters, GLAD has featured a decreasing NAV: 11.85 to 11.18 to 10.34 to 10.16. Conversely, PSEC’s NAV numbers have increased nicely: 10.25 to 10.30 to 10.36 to 10.41. PSEC’s most recent book value of 10.41 represents a -9.2% discount to NAV, whereas GLAD trades at a -23.6% discount.
Portfolio Quality
From PSEC’s latest earnings, it was reported that for the quarter ending September 30, no new loans were placed on non-accrual. The following statement was also made:
The fair market value of our loan assets on non-accrual as a percentage of total assets stood at approximately 3.0% on September 30, 2011, down from 3.5% on June 30, 2011. Approximately 2.2% of that 3.0% related to one investment that we anticipate, but cannot guarantee, exiting in the current quarter to reduce our non-accruals even further.
An inspection GLAD’s latest earnings paints a much different picture. GLAD has about $290 million of self-originated assets. Of those, 14% are on non-accrual and almost 16% are marked less than $0.50 on the $1.That’s 30% of the portfolio that GLAD has underwritten - all of which are looking pretty bad.
GLAD placed two new loans on non-accrual (compared to PSEC’s zero) - Newhall Holdings and Access Television. These investments have a cost basis of $41.1 million or about 10.8% of the cost basis of all investments in their portfolio. The recent performance of GLAD management is downright ugly. Another example of poor performance is Sunshine Media, which is currently valued at about $0.30 on the $1.00, but has not yet been placed on non-accrual status. It is loans such as these which are currently generating cash flow, but could easily stop the next quarter or two given their current value. GLAD’s current portfolio is valued at $0.79 on the $1.00 – not pretty.
Yield on Assets
For the most recent quarter, PSEC reported an annualized yield on assets of 12.4%, with GLAD coming in at 11.2%. This is driving better top-line performance for PSEC.
Dividend
PSEC continues to gradually increase their dividend month-over-month. The dividend has increased from 0.1010 as of January 2011 to 0.101425 as of December 2011. GLAD’s divided remained at 0.07 for the entire year. The one black eye for PSEC is that net investment income (0.26) came in slightly below dividends declared (0.303). It should be noted that GLAD has covered their dividend for the quarter (0.21) with net investment income (0.23). Regarding GLAD’s NAV, and its impact on future dividends, I took notice of the following quote from the earnings report:
The cumulative unrealized depreciation of our investments does not have an impact on our current ability to pay distributions to stockholders, but thus indicate that the value is lower and there may be future realized losses that could ultimately reduce our distribution.
Ability to Raise Capital
PSEC has consistently shown the ability to raise capital. For example, from the latest earnings report:
On December 21, 2010, we issued $150 million of five-year unsecured 6.25% senior convertible notes due December 2015 ("2015 Notes"). On February 18, 2011, we issued $172.5 million in aggregate principal amount of 5.5-year unsecured 5.50% senior convertible notes due August 2016 ("2016 Notes") for net proceeds of approximately $167.3 million.
On the other hand, GLAD is having a much tougher time. GLAD raised just 33 million at 7.125% via a preferred stock offering. Notice that the cost of funds is much greater than PSEC’s recent debt raises. Further, GLAD management had this to say:
I want to remind everybody that our biggest challenge today is the long-term debt marketplace for our company. We have a line of credit with very supportive lenders. Those institutions seem to be behind us. The line of credit is working fine and we believe it’s sufficient for our near-term needs, but it is a short-term line of credit...But at the end of the day, we have to find long-term funding solutions for our company. In order to make a lot of long-term investments, we need to raise long-term debt and long-term capital such as the issuance of our preferred stock that we issued just last month.. And this lack of long-term debt and long-term equity can stunt the growth or if we can find it, it will accelerate our growth. And that’s our challenge in the near time.
The above quote does not exactly make you feel warm and fuzzy.
Management
PSEC has provided solid results quarter-over-quarter, and management spends its time on conference calls discussing their performance and how they hope to build on that going forward. GLAD’s quarterly conference call, as per usual, can be pretty painful to listen in on. CEO David Gladstone gets on his soapbox to blame everything under the sun for their sub-standard performance rather than owning their poor business decisions. An example of this from the most recent conference call is as follows:
We do have our worries and I mention them each time. I’ll just run through them now. And we worry about oil prices. Oil is on the way up. ..We are worried about inflation, decisions by congress and the president to expand the money supply will ultimately cause more inflation and more problems...The amount of money being spent on the war in Iraq and Afghanistan certainly hurts the economy…And of course, the government is talking about raising taxes again. I don’t know how much the economy can stand in more taxes. But we all know that we have a spending problem and not a tax problem today…In addition, the trade deficit with China, certainly, China’s just one of those nations that continues to subsidize their industries to the disadvantage of our businesses here that aren’t subsidized…And that means that our companies have a hard time competing with them and that means jobs leaving the United States and go to Asia…The downturn in housing has been a real drag on the economy. It’s been a disaster obviously for mortgage holders, as well as those who have mortgages that are now underwater...I’m just glad that we weren’t investors in anything in the housing industry.
What business does not worry about at least one of the items Gladstone mentions? GLAD comes off as making excuses for its performance, whereas its peers, such as PSEC, continue to put up solid numbers and improve their book value quarter-over-quarter.
Conclusion
Given GLAD’s issues, I recommend a paired trade of going long PSEC and shorting GLAD. The short should provide any downside protection if the US economy does falter. GLAD would be impacted more severely given its poorer portfolio quality.
Disclosure: I am long PSEC, short GLAD
Was die Ergebnisse angeht: ich werde mich am Wochenende mal im Detail drüber machen. Alles was ich jetzt auf die schnell gelesen habe, klingt sensationell gut. Steigerung wohin man sieht. Aber ich muss mir erst mal die Details ansehen.
Ich melde mich sobald ich hier "durch bin". Die Meldung ist ja "endlos". Ich hoffe nicht, um irgendwelche unerwünschten Infos zu "verstecken"...
Grüße
rickrack
Ich melde mich sobald ich hier "durch bin". Die Meldung ist ja "endlos". Ich hoffe nicht, um irgendwelche unerwünschten Infos zu "verstecken"...
Grüße
rickrack
Und hier sind die Ergebnisse für das abgelaufene Quartal (zum September):
Prospect Capital Reports Operating Results of $0.37 per Share for Quarter Ended September 2011, an Increase of 32% From the Prior Sequential Quarter, Driving a $0.05 per Share Increase in Net Asset Value
Company Release - 11/09/2011 16:05
NEW YORK, NY -- (MARKET WIRE) -- 11/09/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Company" or "Prospect") today announced financial results for our first fiscal quarter ended September 30, 2011.
For the three months ended September 30, 2011, the increase in net assets resulting from operations was $39.9 million, or $0.37 per share. For the three months ended June 30, 2011, the increase in net assets resulting from operations was $27.0 million or $0.28 per share.
Our operating results increased 48.0%, and our operating results per share were up 32.1%, from the quarter ended June 30, 2011 to the quarter ended September 30, 2011. This increase is primarily due to investment income from new investments made during the June and September 2011 quarters, along with significant unrealized gains recognized in connection with several equity investments that have shown significant improvement in operating results.
Our net investment income ("NII") was $27.9 million and $21.0 million for the three months ended September 30, 2011 and September 30, 2010, respectively, or $0.26 per share and $0.28 per share, respectively. NII increased $6.9 million year over year due to a $20.1 million increase in investment income offset by a $13.2 million increase in operating expenses. Investment income was up primarily due to increases of $13.0 million and $5.4 million in interest income and dividend income, respectively, due to the larger size of our portfolio and an enhanced level of dividends received primarily from our investments in Gas Solutions Holdings, Inc. and NRG Manufacturing, Inc.
We are targeting growth in NII per share as we utilize prudent leverage to finance our growth through new originations, given our debt to equity ratio stood at less than 49% as of September 30, 2011. We estimate that our net investment income for the current second fiscal quarter ended December 31, 2011 will be $0.26 to $0.30 per share.
Our net asset value per share on September 30, 2011 stood at $10.41 per share, an increase of $0.05 per share from June 30, 2011. While market credit spreads widened during the September 2011 quarter, offering opportunities for enhanced profit from new originations, our portfolio continued to perform strongly, with no new loans on non-accrual and with increases in the value of our equity positions.
We recently declared our 40th, 41st, and 42nd consecutive cash distributions to shareholders, as follows:
10.1375 cents per share for November 2011 to holders of record on November 30, 2011 with a payment date of December 22, 2011;
10.1400 cents per share for December 2011 to holders of record on December 30, 2011 with a payment date of January 25, 2012; and
10.1425 cents per share for January 2012 to holders of record on January 31, 2012 with a payment date of February 17, 2012.
HIGHLIGHTS
Equity Values:
Net assets as of September 30, 2011: $1.139 billion
Net asset value per share as of September 30, 2011: $10.41
First Fiscal Quarter Operating Results:
Net investment income: $27.88 million
Net investment income per share: $0.26
Net increase in net assets resulting from operations: $39.90 million
Net increase in net assets per share resulting from operations: $0.37
Dividends to shareholders per share: $0.303900
First Fiscal Quarter Portfolio and Portfolio Activity:
New portfolio investments in quarter: $222.58 million
Total Portfolio investments at cost at September 30, 2011: $1.599 billion
Total Portfolio investments at fair value at September 30, 2011: $1.652 billion
Number of portfolio companies at September 30, 2011: 76
PORTFOLIO AND INVESTMENT ACTIVITY
Our origination efforts during the three months ended September 30, 2011 have focused primarily on secured lending, continuing to prioritize first-lien loans, though we also continue to close selected junior debt and equity investments. In addition to targeting investments senior in corporate capital structures with our new originations, we have also increased our new investments in third party private equity sponsor owned companies, which tend to have more third party equity capital supporting our debt investments than in non-sponsor transactions, while still maintaining flexibility to pursue attractive non-sponsor lending, one-stop buyouts, and secondary acquisitions. With our scale team of more than 45 professionals, one of the largest dedicated middle-market credit groups in the industry and focused on the Company, we are well positioned to select in a disciplined manner a small number of investments out of thousands of investment opportunities sourced per annum.
As a result of these credit risk management initiatives, our portfolio's annualized current yield stood at 12.4% across all long-term debt and certain equity investments as of September 30, 2011. Non-recurring distributions from other equity positions that we hold are not included in this yield calculation. In many of our portfolio companies, we hold equity positions, ranging from minority interests to majority stakes, which we expect over time to contribute to our investment returns.
At September 30, 2011, our portfolio consisted of 76 long-term investments with a fair value of $1.652 billion, compared to 72 long-term investments with a fair value of $1.463 billion at June 30, 2011, and compared to 58 long-term investments with a fair value of $748.5 million at June 30, 2010.
Our asset base has continued to grow and diversify over the past year. Our cyclical energy-related industry mix of gas gathering and processing, oil and gas production, and oilfield fabrication businesses declined, as a percentage of the investment portfolio, to 12.1% at September 30, 2011, from 13.6% at June 30, 2011 and 29.5% at June 30, 2010, reflecting a significant increase in our industry diversity as part of our strategy to control risk.
During the September 2011 quarter, we completed new and follow-on investments aggregating approximately $222.6 million and received repayment on one other investment. Our repayments in the September 2011 quarter were $46.1 million, resulting in $176.5 million of investments net of repayments.
On July 1, 2011, we made a senior secured follow-on investment of $2.3 million in Boxercraft Incorporated to support the acquisition of Jones & Mitchell, a supplier of college-licensed apparel.
On July 8, 2011, we made a secured senior lien investment of $39.0 million to support the recapitalization of Totes Isotoner Corporation.
On August 5, 2011 and September 7, 2011, we made senior secured follow-on investments of $3.9 million and $11.8 million, respectively, in ROM Acquisition Corporation to support the acquisition of Havis Lighting Solutions, a supplier of products used primarily by emergency response and police vehicles, and the acquisition of a leading manufacturer of personal safety products for the transportation and industrial markets.
On August 9, 2011, we provided a $15.0 million term loan to support the acquisition of Nobel Learning Communities, Inc., a leading national operator of private schools.
On August 9, 2011, we made an investment of $32.1 million to purchase 66% of the subordinated notes in Babson CLO Ltd. 2011-I.
On September 16, 2011, we acted as the facility agent and lead lender of a syndicate of lenders that collectively provided $132.0 million in senior secured financing to support the financing of Capstone Logistics, LLC., a leading logistics company. This company provides a broad array of logistics services to a diverse group of blue chip customers in the grocery, food service, retail, and specialty automotive industries. As of September 30, 2011 our investment is $90.5 million structured as $41.5 million of Term Loan A and $49.0 million of Term Loan B first lien notes.
On September 30, 2011, we provided a $23.0 million senior secured loan to support the recapitalization of Anchor Hocking, LLC, a leading designer, manufacturer, and marketer of high quality glass products for the retail, food service, and OEM channels.
Since September 30, 2011 in the current December 2011 quarter, we have completed three new investments and two add-on investments aggregating approximately $40 million.
On October 13, 2011 and October 19, 2011, we made investments of $9.3 million and $1.4 million, respectively, to purchase 32.9% of the subordinated notes in Apidos CLO VIII.
On October 24, 2011, we made a senior secured investment of $6.0 million in Renaissance Learning, Inc., a leading provider of technology based school improvement and student assessment programs.
On October 28, 2011, we made a follow-on investment of $8.2 million in Empire Today, LLC.
On November 4, 2011, we made a secured second-lien investment of $15.0 million to support the acquisition of a specialty pharmacy services company in a private equity backed transaction.
On October 31, 2011, one investment, IEC-Systems, LP and Advanced Rig Services, LLC, repaid our $20.9 million loan.
We are pleased with the overall credit quality of our portfolio, with many of our companies generating year-over-year and sequential growth in top-line revenues and bottom-line profits. None of our new loans originated in the past four years has gone on non-accrual status. The fair market value of our loan assets on non-accrual as a percentage of total assets stood at approximately 3.0% on September 30, 2011, down from 3.5% on June 30, 2011. Approximately 2.2% of that 3.0% related to one investment that we anticipate, but cannot guarantee, exiting in the current quarter to reduce our non-accruals even further.
Because of the strong results of multiple controlled positions in our portfolio, we may look to selectively monetize certain such companies if we identify attractive opportunities for exit. If such exits were to occur, we would look to reinvest such proceeds into new income-producing opportunities. We are pleased with the performance of our controlled portfolio companies, and are actively exploring other new investment opportunities at attractive multiples of cash flow.
Our advanced investment pipeline aggregates nearly $250 million of potential opportunities. Primary investment activity has continued to be robust in calendar year 2011. These investments are primarily senior secured investments with double digit coupons, sometimes coupled with equity upside through additional investments, and diversified across multiple sectors.
LIQUIDITY AND FINANCIAL RESULTS
Our modestly leveraged balance sheet is a source of significant strength. Our debt to equity ratio stood at 49% at September 30, 2011. Our equitized balance sheet also gives us the potential for future earnings upside as we prudently look to utilize and grow our existing revolving credit facility as well as potentially add additional secured or unsecured term facilities, made more attractive by our investment-grade ratings at corporate, revolving facility, and term debt levels.
In addition, our repeat issuance in the past year in the five-year and greater unsecured term debt market has extended our liability duration, thereby better matching our assets and liabilities for balance sheet risk management. With this enhanced asset liability matching, we have been more willing to add additional leverage to the balance sheet.
We also have significantly diversified our counterparty risk. We currently have 11 institutional lenders in our revolving facility, up from five lenders at June 30, 2010, two lenders at June 30, 2009, and one lender at June 30, 2008.
On December 21, 2010, we issued $150 million of five-year unsecured 6.25% senior convertible notes due December 2015 ("2015 Notes"). The 2015 Notes are convertible into shares of common stock at a September 30, 2011 conversion rate of 88.0984 shares of common stock per $1,000 principal amount of 2015 Notes, which is equivalent to a conversion price of approximately $11.35 per share of common stock, subject to adjustment in certain circumstances. The conversion rate for the 2015 Notes is increased when monthly cash dividends paid to common shares exceed the rate of $0.101125 cents per share, subject to adjustment.
On February 18, 2011, we issued $172.5 million in aggregate principal amount of 5.5-year unsecured 5.50% senior convertible notes due August 2016 ("2016 Notes") for net proceeds of approximately $167.3 million. The 2016 Notes are convertible into shares of common stock at a September 30, 2011 conversion rate of 78.3757 shares of common stock per $1,000 principal amount of 2016 Notes, which is equivalent to a conversion price of approximately $12.76 per share of common stock, subject to adjustment in certain circumstances. The conversion rate for the 2016 Notes will be increased when monthly cash dividends paid to common shares exceed the rate of $0.101150 per share.
The 2015 and 2016 Notes are general unsecured obligations of Prospect, with no financial covenants, no technical cross default provisions, and no payment cross default provisions with respect to our revolving credit facility.
The 2015 and 2016 Notes have no restrictions related to the type and security of assets in which Prospect might invest. The issuance of these notes has allowed us to grow our investment program in calendar year 2011 and commit to loans with maturities longer than our existing revolving credit facility maturity. These 2015 and 2016 Notes have an investment-grade S&P rating of BBB.
On June 11, 2010, we held a first closing of an extension and expansion of our revolving credit facility ("Facility") with a syndicate of lenders who extended commitments of $210 million under the Facility. The Facility includes an accordion feature, which, with the amendment completed on January 13, 2011, allows commitments to increase to up to $400 million without the need for re-approval from the existing lenders. Since the closing on June 11, 2010 we have been obtaining additional commitments to the facility and on September 1, 2011, we closed on the final $25 million upsizing in the Facility to reach our $400 million accordion target.
As we make additional investments, we generate additional availability to the extent such investments are eligible to be placed into the borrowing base. The revolving period of the Facility extends through June 2012, with an additional one year amortization period, with distributions allowed after the completion of the revolving period. Interest on borrowings under the Facility is one-month Libor plus 325 basis points, subject to a minimum Libor floor of 100 basis points. The unused portion of the Facility has a fee equal to either 75 basis points (if at least half of the Facility is used) or 100 basis points (if less than half of the Facility is used). The Facility has an investment grade Moody's rating of A2.
We are currently in discussions with our Facility agent regarding an extension of the Facility to a five-year term, comprised of three years for the revolving period followed by two years for the amortization period, with distributions allowed. We anticipate, but cannot guarantee, an increase of the Facility size to at least $500 million with new and existing lenders, a reduction in our spread on borrowings, an increase in our advance rate, and an improvement in covenants.
On June 24, 2011, we completed a public stock offering for 10 million shares of our common stock at $10.15 per share, raising $100.2 million of net proceeds. On July 18, 2011, the underwriter exercised its option to purchase an additional 1.5 million shares of our common stock, raising an additional $14.9 million of net proceeds.
At September 30, 2011, we have deployed the proceeds from the Notes and equity issuances, and currently have borrowed $219.5 million under our Facility. Assuming sufficient assets are pledged to the Facility and we are in compliance with all terms, we would have $180 million of new investment capacity based on a $400 million Facility size, and $280 million of new investment capacity based on a $500 million Facility size. Any principal payments or other monetizations of our assets would further increase our investment capacity.
CONFERENCE CALL
The Company will host a conference call on Thursday, November 10, 2011 at 11:00 a.m. Eastern Time. The conference call dial-in number will be 877-317-6789. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 10006502.
Prospect Capital Reports Operating Results of $0.37 per Share for Quarter Ended September 2011, an Increase of 32% From the Prior Sequential Quarter, Driving a $0.05 per Share Increase in Net Asset Value
Company Release - 11/09/2011 16:05
NEW YORK, NY -- (MARKET WIRE) -- 11/09/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Company" or "Prospect") today announced financial results for our first fiscal quarter ended September 30, 2011.
For the three months ended September 30, 2011, the increase in net assets resulting from operations was $39.9 million, or $0.37 per share. For the three months ended June 30, 2011, the increase in net assets resulting from operations was $27.0 million or $0.28 per share.
Our operating results increased 48.0%, and our operating results per share were up 32.1%, from the quarter ended June 30, 2011 to the quarter ended September 30, 2011. This increase is primarily due to investment income from new investments made during the June and September 2011 quarters, along with significant unrealized gains recognized in connection with several equity investments that have shown significant improvement in operating results.
Our net investment income ("NII") was $27.9 million and $21.0 million for the three months ended September 30, 2011 and September 30, 2010, respectively, or $0.26 per share and $0.28 per share, respectively. NII increased $6.9 million year over year due to a $20.1 million increase in investment income offset by a $13.2 million increase in operating expenses. Investment income was up primarily due to increases of $13.0 million and $5.4 million in interest income and dividend income, respectively, due to the larger size of our portfolio and an enhanced level of dividends received primarily from our investments in Gas Solutions Holdings, Inc. and NRG Manufacturing, Inc.
We are targeting growth in NII per share as we utilize prudent leverage to finance our growth through new originations, given our debt to equity ratio stood at less than 49% as of September 30, 2011. We estimate that our net investment income for the current second fiscal quarter ended December 31, 2011 will be $0.26 to $0.30 per share.
Our net asset value per share on September 30, 2011 stood at $10.41 per share, an increase of $0.05 per share from June 30, 2011. While market credit spreads widened during the September 2011 quarter, offering opportunities for enhanced profit from new originations, our portfolio continued to perform strongly, with no new loans on non-accrual and with increases in the value of our equity positions.
We recently declared our 40th, 41st, and 42nd consecutive cash distributions to shareholders, as follows:
10.1375 cents per share for November 2011 to holders of record on November 30, 2011 with a payment date of December 22, 2011;
10.1400 cents per share for December 2011 to holders of record on December 30, 2011 with a payment date of January 25, 2012; and
10.1425 cents per share for January 2012 to holders of record on January 31, 2012 with a payment date of February 17, 2012.
HIGHLIGHTS
Equity Values:
Net assets as of September 30, 2011: $1.139 billion
Net asset value per share as of September 30, 2011: $10.41
First Fiscal Quarter Operating Results:
Net investment income: $27.88 million
Net investment income per share: $0.26
Net increase in net assets resulting from operations: $39.90 million
Net increase in net assets per share resulting from operations: $0.37
Dividends to shareholders per share: $0.303900
First Fiscal Quarter Portfolio and Portfolio Activity:
New portfolio investments in quarter: $222.58 million
Total Portfolio investments at cost at September 30, 2011: $1.599 billion
Total Portfolio investments at fair value at September 30, 2011: $1.652 billion
Number of portfolio companies at September 30, 2011: 76
PORTFOLIO AND INVESTMENT ACTIVITY
Our origination efforts during the three months ended September 30, 2011 have focused primarily on secured lending, continuing to prioritize first-lien loans, though we also continue to close selected junior debt and equity investments. In addition to targeting investments senior in corporate capital structures with our new originations, we have also increased our new investments in third party private equity sponsor owned companies, which tend to have more third party equity capital supporting our debt investments than in non-sponsor transactions, while still maintaining flexibility to pursue attractive non-sponsor lending, one-stop buyouts, and secondary acquisitions. With our scale team of more than 45 professionals, one of the largest dedicated middle-market credit groups in the industry and focused on the Company, we are well positioned to select in a disciplined manner a small number of investments out of thousands of investment opportunities sourced per annum.
As a result of these credit risk management initiatives, our portfolio's annualized current yield stood at 12.4% across all long-term debt and certain equity investments as of September 30, 2011. Non-recurring distributions from other equity positions that we hold are not included in this yield calculation. In many of our portfolio companies, we hold equity positions, ranging from minority interests to majority stakes, which we expect over time to contribute to our investment returns.
At September 30, 2011, our portfolio consisted of 76 long-term investments with a fair value of $1.652 billion, compared to 72 long-term investments with a fair value of $1.463 billion at June 30, 2011, and compared to 58 long-term investments with a fair value of $748.5 million at June 30, 2010.
Our asset base has continued to grow and diversify over the past year. Our cyclical energy-related industry mix of gas gathering and processing, oil and gas production, and oilfield fabrication businesses declined, as a percentage of the investment portfolio, to 12.1% at September 30, 2011, from 13.6% at June 30, 2011 and 29.5% at June 30, 2010, reflecting a significant increase in our industry diversity as part of our strategy to control risk.
During the September 2011 quarter, we completed new and follow-on investments aggregating approximately $222.6 million and received repayment on one other investment. Our repayments in the September 2011 quarter were $46.1 million, resulting in $176.5 million of investments net of repayments.
On July 1, 2011, we made a senior secured follow-on investment of $2.3 million in Boxercraft Incorporated to support the acquisition of Jones & Mitchell, a supplier of college-licensed apparel.
On July 8, 2011, we made a secured senior lien investment of $39.0 million to support the recapitalization of Totes Isotoner Corporation.
On August 5, 2011 and September 7, 2011, we made senior secured follow-on investments of $3.9 million and $11.8 million, respectively, in ROM Acquisition Corporation to support the acquisition of Havis Lighting Solutions, a supplier of products used primarily by emergency response and police vehicles, and the acquisition of a leading manufacturer of personal safety products for the transportation and industrial markets.
On August 9, 2011, we provided a $15.0 million term loan to support the acquisition of Nobel Learning Communities, Inc., a leading national operator of private schools.
On August 9, 2011, we made an investment of $32.1 million to purchase 66% of the subordinated notes in Babson CLO Ltd. 2011-I.
On September 16, 2011, we acted as the facility agent and lead lender of a syndicate of lenders that collectively provided $132.0 million in senior secured financing to support the financing of Capstone Logistics, LLC., a leading logistics company. This company provides a broad array of logistics services to a diverse group of blue chip customers in the grocery, food service, retail, and specialty automotive industries. As of September 30, 2011 our investment is $90.5 million structured as $41.5 million of Term Loan A and $49.0 million of Term Loan B first lien notes.
On September 30, 2011, we provided a $23.0 million senior secured loan to support the recapitalization of Anchor Hocking, LLC, a leading designer, manufacturer, and marketer of high quality glass products for the retail, food service, and OEM channels.
Since September 30, 2011 in the current December 2011 quarter, we have completed three new investments and two add-on investments aggregating approximately $40 million.
On October 13, 2011 and October 19, 2011, we made investments of $9.3 million and $1.4 million, respectively, to purchase 32.9% of the subordinated notes in Apidos CLO VIII.
On October 24, 2011, we made a senior secured investment of $6.0 million in Renaissance Learning, Inc., a leading provider of technology based school improvement and student assessment programs.
On October 28, 2011, we made a follow-on investment of $8.2 million in Empire Today, LLC.
On November 4, 2011, we made a secured second-lien investment of $15.0 million to support the acquisition of a specialty pharmacy services company in a private equity backed transaction.
On October 31, 2011, one investment, IEC-Systems, LP and Advanced Rig Services, LLC, repaid our $20.9 million loan.
We are pleased with the overall credit quality of our portfolio, with many of our companies generating year-over-year and sequential growth in top-line revenues and bottom-line profits. None of our new loans originated in the past four years has gone on non-accrual status. The fair market value of our loan assets on non-accrual as a percentage of total assets stood at approximately 3.0% on September 30, 2011, down from 3.5% on June 30, 2011. Approximately 2.2% of that 3.0% related to one investment that we anticipate, but cannot guarantee, exiting in the current quarter to reduce our non-accruals even further.
Because of the strong results of multiple controlled positions in our portfolio, we may look to selectively monetize certain such companies if we identify attractive opportunities for exit. If such exits were to occur, we would look to reinvest such proceeds into new income-producing opportunities. We are pleased with the performance of our controlled portfolio companies, and are actively exploring other new investment opportunities at attractive multiples of cash flow.
Our advanced investment pipeline aggregates nearly $250 million of potential opportunities. Primary investment activity has continued to be robust in calendar year 2011. These investments are primarily senior secured investments with double digit coupons, sometimes coupled with equity upside through additional investments, and diversified across multiple sectors.
LIQUIDITY AND FINANCIAL RESULTS
Our modestly leveraged balance sheet is a source of significant strength. Our debt to equity ratio stood at 49% at September 30, 2011. Our equitized balance sheet also gives us the potential for future earnings upside as we prudently look to utilize and grow our existing revolving credit facility as well as potentially add additional secured or unsecured term facilities, made more attractive by our investment-grade ratings at corporate, revolving facility, and term debt levels.
In addition, our repeat issuance in the past year in the five-year and greater unsecured term debt market has extended our liability duration, thereby better matching our assets and liabilities for balance sheet risk management. With this enhanced asset liability matching, we have been more willing to add additional leverage to the balance sheet.
We also have significantly diversified our counterparty risk. We currently have 11 institutional lenders in our revolving facility, up from five lenders at June 30, 2010, two lenders at June 30, 2009, and one lender at June 30, 2008.
On December 21, 2010, we issued $150 million of five-year unsecured 6.25% senior convertible notes due December 2015 ("2015 Notes"). The 2015 Notes are convertible into shares of common stock at a September 30, 2011 conversion rate of 88.0984 shares of common stock per $1,000 principal amount of 2015 Notes, which is equivalent to a conversion price of approximately $11.35 per share of common stock, subject to adjustment in certain circumstances. The conversion rate for the 2015 Notes is increased when monthly cash dividends paid to common shares exceed the rate of $0.101125 cents per share, subject to adjustment.
On February 18, 2011, we issued $172.5 million in aggregate principal amount of 5.5-year unsecured 5.50% senior convertible notes due August 2016 ("2016 Notes") for net proceeds of approximately $167.3 million. The 2016 Notes are convertible into shares of common stock at a September 30, 2011 conversion rate of 78.3757 shares of common stock per $1,000 principal amount of 2016 Notes, which is equivalent to a conversion price of approximately $12.76 per share of common stock, subject to adjustment in certain circumstances. The conversion rate for the 2016 Notes will be increased when monthly cash dividends paid to common shares exceed the rate of $0.101150 per share.
The 2015 and 2016 Notes are general unsecured obligations of Prospect, with no financial covenants, no technical cross default provisions, and no payment cross default provisions with respect to our revolving credit facility.
The 2015 and 2016 Notes have no restrictions related to the type and security of assets in which Prospect might invest. The issuance of these notes has allowed us to grow our investment program in calendar year 2011 and commit to loans with maturities longer than our existing revolving credit facility maturity. These 2015 and 2016 Notes have an investment-grade S&P rating of BBB.
On June 11, 2010, we held a first closing of an extension and expansion of our revolving credit facility ("Facility") with a syndicate of lenders who extended commitments of $210 million under the Facility. The Facility includes an accordion feature, which, with the amendment completed on January 13, 2011, allows commitments to increase to up to $400 million without the need for re-approval from the existing lenders. Since the closing on June 11, 2010 we have been obtaining additional commitments to the facility and on September 1, 2011, we closed on the final $25 million upsizing in the Facility to reach our $400 million accordion target.
As we make additional investments, we generate additional availability to the extent such investments are eligible to be placed into the borrowing base. The revolving period of the Facility extends through June 2012, with an additional one year amortization period, with distributions allowed after the completion of the revolving period. Interest on borrowings under the Facility is one-month Libor plus 325 basis points, subject to a minimum Libor floor of 100 basis points. The unused portion of the Facility has a fee equal to either 75 basis points (if at least half of the Facility is used) or 100 basis points (if less than half of the Facility is used). The Facility has an investment grade Moody's rating of A2.
We are currently in discussions with our Facility agent regarding an extension of the Facility to a five-year term, comprised of three years for the revolving period followed by two years for the amortization period, with distributions allowed. We anticipate, but cannot guarantee, an increase of the Facility size to at least $500 million with new and existing lenders, a reduction in our spread on borrowings, an increase in our advance rate, and an improvement in covenants.
On June 24, 2011, we completed a public stock offering for 10 million shares of our common stock at $10.15 per share, raising $100.2 million of net proceeds. On July 18, 2011, the underwriter exercised its option to purchase an additional 1.5 million shares of our common stock, raising an additional $14.9 million of net proceeds.
At September 30, 2011, we have deployed the proceeds from the Notes and equity issuances, and currently have borrowed $219.5 million under our Facility. Assuming sufficient assets are pledged to the Facility and we are in compliance with all terms, we would have $180 million of new investment capacity based on a $400 million Facility size, and $280 million of new investment capacity based on a $500 million Facility size. Any principal payments or other monetizations of our assets would further increase our investment capacity.
CONFERENCE CALL
The Company will host a conference call on Thursday, November 10, 2011 at 11:00 a.m. Eastern Time. The conference call dial-in number will be 877-317-6789. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 10006502.
Trading Spotlight
und nochmal News: wir nähern uns der 1 Mrd. - Marke... :-)
Prospect Capital Provides $15 Million in Financing to Support the Acquisition of a Specialty Pharmacy Services Company
Company Release - 11/09/2011 09:13
NEW YORK, NY -- (MARKET WIRE) -- 11/09/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided a $15 million secured second lien loan to support the acquisition of a specialty pharmacy services company (the "Company") in a private equity backed transaction.
The Company is a leading mail order pharmacy that offers a comprehensive service solution designed to address the complexities of the workers compensation market. By ensuring appropriate and timely access to medication, the Company's services help to improve medical outcomes and return employees to the workplace.
"Prospect is pleased to provide financing to support the growth and recapitalization of this industry-leading company," said David Moszer, a Managing Director of Prospect Capital Management and Manager of Prospect's Financial Sponsors Group.
Prospect has closed over $935 million of new originations during calendar year 2011.
Prospect Capital Provides $15 Million in Financing to Support the Acquisition of a Specialty Pharmacy Services Company
Company Release - 11/09/2011 09:13
NEW YORK, NY -- (MARKET WIRE) -- 11/09/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect has provided a $15 million secured second lien loan to support the acquisition of a specialty pharmacy services company (the "Company") in a private equity backed transaction.
The Company is a leading mail order pharmacy that offers a comprehensive service solution designed to address the complexities of the workers compensation market. By ensuring appropriate and timely access to medication, the Company's services help to improve medical outcomes and return employees to the workplace.
"Prospect is pleased to provide financing to support the growth and recapitalization of this industry-leading company," said David Moszer, a Managing Director of Prospect Capital Management and Manager of Prospect's Financial Sponsors Group.
Prospect has closed over $935 million of new originations during calendar year 2011.
Hallo zusammen,
gleich ne ganze Menge an News heute.
Prospect Capital Declares Its 40th, 41st, and 42nd Consecutive Cash Distributions to Shareholders
Company Release - 11/07/2011 07:00
NEW YORK, NY -- (MARKET WIRE) -- 11/07/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect" or "Company") announced today that Prospect has declared monthly cash distributions to shareholders in the following amounts and with the following record and payment dates:
10.1375 cents per share for November 2011 (record date of November 30, 2011 and payment date of December 22, 2011); and
10.1400 cents per share for December 2011 (record date of December 30, 2011 and payment date of January 25, 2012); and
10.1425 cents per share for January 2012 (record date of January 31, 2012 and payment date of February 17, 2012);
These distributions mark the Company's 40th, 41st, and 42nd consecutive cash distributions to shareholders.
The Company expects to declare its February 2012, March 2012, and April 2012 distributions in February 2012.
gleich ne ganze Menge an News heute.
Prospect Capital Declares Its 40th, 41st, and 42nd Consecutive Cash Distributions to Shareholders
Company Release - 11/07/2011 07:00
NEW YORK, NY -- (MARKET WIRE) -- 11/07/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect" or "Company") announced today that Prospect has declared monthly cash distributions to shareholders in the following amounts and with the following record and payment dates:
10.1375 cents per share for November 2011 (record date of November 30, 2011 and payment date of December 22, 2011); and
10.1400 cents per share for December 2011 (record date of December 30, 2011 and payment date of January 25, 2012); and
10.1425 cents per share for January 2012 (record date of January 31, 2012 and payment date of February 17, 2012);
These distributions mark the Company's 40th, 41st, and 42nd consecutive cash distributions to shareholders.
The Company expects to declare its February 2012, March 2012, and April 2012 distributions in February 2012.
Hallo zusammen,
also, nächster wichtiger Termin für uns: der 9.11.2011, also nächste Woche. Ich bin mächtig gespannt, wie die Zahlen aussehen werden.
Warten wirs ab.
Viele Grüße
rickrack
also, nächster wichtiger Termin für uns: der 9.11.2011, also nächste Woche. Ich bin mächtig gespannt, wie die Zahlen aussehen werden.
Warten wirs ab.
Viele Grüße
rickrack
...und gleich die nächsten News:
Prospect Capital Schedules First Fiscal Quarter Earnings Release and Conference Call
Company Release - 11/02/2011 22:37
NEW YORK, NY -- (MARKET WIRE) -- 11/02/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect" or "Company") announced today that it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing its first fiscal quarter results for the period ended September 30, 2011 on Wednesday, November 9, 2011 after the close of the markets. The Company also expects to issue its earnings press release on Wednesday, November 9, 2011 after the close of the markets.
The Company will host a conference call on Thursday, November 10, 2011 at 11:00 a.m. Eastern Time. The conference call dial-in number will be 877-317-6789. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 10006502.
Quelle: www.prospectstreet.com
Prospect Capital Schedules First Fiscal Quarter Earnings Release and Conference Call
Company Release - 11/02/2011 22:37
NEW YORK, NY -- (MARKET WIRE) -- 11/02/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect" or "Company") announced today that it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing its first fiscal quarter results for the period ended September 30, 2011 on Wednesday, November 9, 2011 after the close of the markets. The Company also expects to issue its earnings press release on Wednesday, November 9, 2011 after the close of the markets.
The Company will host a conference call on Thursday, November 10, 2011 at 11:00 a.m. Eastern Time. The conference call dial-in number will be 877-317-6789. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 10006502.
Quelle: www.prospectstreet.com
Hallo zusammen,
es gibt wieder News:
Prospect Capital Announces Repayment of Senior Term Loans to Units of Integrated Drilling Equipment Company Generating a Realized IRR of 35%
Company Release - 11/01/2011 07:00
NEW YORK, NY -- (MARKET WIRE) -- 11/01/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that it has received full repayment of Prospect's remaining outstanding $20.9 million of senior term loans to IEC Systems LP ("IEC") and Advanced Rig Services LLC ("ARS"), the two wholly-owned operating subsidiaries of Integrated Drilling Equipment Company ("IDE"). Based in Houston, IDE is a manufacturer and servicer of oil and gas drilling rig systems and equipment.
Prospect made initial loans of $25.6 million to IEC and ARS on November 20, 2007. Prospect received as consideration for making its loans net profits interests ("NPIs") in the companies. As announced on October 1, 2008, Prospect sold those NPIs back to IEC and ARS for $12.6 million. Prospect reinvested the proceeds as incremental loans to each company. Today's repayment constitutes a complete exit by Prospect. Including the monetization of the NPIs, Prospect has earned a combined 2.2x cash-on-cash return and a 35% realized cash internal rate of return on its original $25.6 million of senior term loans to IEC and ARS.
"Our investment in IDE demonstrates Prospect's ability to provide creative financing solutions for middle market businesses in the oil and gas and other industries," said Bart J. de Bie, a Managing Director of Prospect Capital Management.
Quelle:www.prospectstreet.com
es gibt wieder News:
Prospect Capital Announces Repayment of Senior Term Loans to Units of Integrated Drilling Equipment Company Generating a Realized IRR of 35%
Company Release - 11/01/2011 07:00
NEW YORK, NY -- (MARKET WIRE) -- 11/01/11 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that it has received full repayment of Prospect's remaining outstanding $20.9 million of senior term loans to IEC Systems LP ("IEC") and Advanced Rig Services LLC ("ARS"), the two wholly-owned operating subsidiaries of Integrated Drilling Equipment Company ("IDE"). Based in Houston, IDE is a manufacturer and servicer of oil and gas drilling rig systems and equipment.
Prospect made initial loans of $25.6 million to IEC and ARS on November 20, 2007. Prospect received as consideration for making its loans net profits interests ("NPIs") in the companies. As announced on October 1, 2008, Prospect sold those NPIs back to IEC and ARS for $12.6 million. Prospect reinvested the proceeds as incremental loans to each company. Today's repayment constitutes a complete exit by Prospect. Including the monetization of the NPIs, Prospect has earned a combined 2.2x cash-on-cash return and a 35% realized cash internal rate of return on its original $25.6 million of senior term loans to IEC and ARS.
"Our investment in IDE demonstrates Prospect's ability to provide creative financing solutions for middle market businesses in the oil and gas and other industries," said Bart J. de Bie, a Managing Director of Prospect Capital Management.
Quelle:www.prospectstreet.com
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