Prospect Capital WKN A0B746 (Seite 94)

[Schlensi]

Da sind ja gestern die neuen Dividendenhöhe veröffentlicht wurden. Mit einer leichten Steigerung der Dividende. Genaues gibt es: http://www.prospectstreet.com/file.aspx?IID=4092630&FID=1261…

[rickrack]

Hallo zusammen,

hat jemand Lust, hier mal mit reinzuhören? Prospect hat Termine und Zugangsdaten für den Conference Call für das zweite Quartal festgelegt...

Grüße
rickrack




Prospect Capital Schedules Second Fiscal Quarter Earnings Release and Conference Call

Company Release - 02/01/2012 17:54

NEW YORK, NY -- (MARKET WIRE) -- 02/01/12 -- 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 second fiscal quarter results for the period ended December 31, 2011 on Thursday, February 9, 2012 after the close of the markets. The Company also expects to issue its earnings press release on Thursday, February 9, 2012 after the close of the markets.

The Company will host a conference call on Friday, February 10, 2012 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 10009837.

Quelle: www.prospectstreet.com

[rickrack]

...die Erfolgsstories reißen nicht ab...
Ich bin gespannt, wann wir mal wieder eine bittere Pille schlucken müssen. Aber aktuell scheint es, als würden die Prospect Manager nur "Top-Geschäfte" landen.
Sehen wir es mal so: genießen, so lange es geht.

Ich denke aktuell darüber nach, einen Teil meiner Prospects abzustoßen, um ein wenig Gewinn zu realisieren. Mal sehen, wohin der Kurs die nächsten Tage marschiert...

Grüße
rickrack

[rickrack]

Hallo zusammen,
es gibt wieder News:

Prospect Capital and Other Shareholders Enter Into Definitive Agreement to Sell NRG, With Prospect Expected to Receive up to $114 Million in Cash, a 59% or Greater Overall Internal Rate of Return, and Approximately $30 Million of Investment Income

Company Release - 01/23/2012 07:00

NEW YORK, NY -- (MARKET WIRE) -- 01/23/12 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect and other third-party shareholders have executed a stock purchase agreement to sell their ownership interests in NRG Manufacturing Inc. ("NRG"), a leading manufacturer of oilfield equipment.

The transaction is subject to regulatory approval and is expected to close within the next 30 days. Such closing would also result in full repayment of Prospect's loan to NRG.

Prospect expects to collect approximately $100 million in cash in the March 2012 quarter related to the sale of NRG. This $100 million would consist of approximately $30 million of investment income in the form of prepayment premium and structuring fee, with the remaining approximately $70 million related to debt repayment and equity proceeds. Additional amounts are expected to be escrowed for potential collection in future periods, resulting in potential incremental post-closing proceeds to Prospect of approximately $14 million. As a result, Prospect would receive a total of up to $114 million from the sale of NRG.

Prospect initially invested approximately $12 million of debt and equity in September 2006 to help finance the acquisition of NRG. Including all cash flows over the life of the investment, but not including escrowed amounts, Prospect expects to realize at closing on its combined debt and equity investment a 59% annualized internal rate of return.

With the expected sale of NRG, Prospect estimates it will have generated cumulative net investment income in excess of cumulative distributions to shareholders for both the current August 2012 tax year as well as since Prospect's inception.

"Coming on the heels of the sale of Gas Solutions by our Energy Solutions portfolio company, Prospect's sale of NRG adds another valuable realization to the Prospect Capital track record," said M. Grier Eliasek, President of Prospect. "Our team is hard at work to invest our substantial liquidity. With our more than $1 billion of new originations in calendar year 2011, we have significant capability to invest such liquidity."

"We applaud the managers of NRG, who have built the company into a premier supplier of mission-critical oilfield equipment," said Bart J. deBie, a Managing Director of Prospect Capital Management. "Prospect is actively seeking new control and non-control investments across all industries."

RBC Capital Markets is acting as financial advisor to NRG for the sale.

Separately, Prospect has provided $18.3 million of secured second-lien financing to a financial services processing company purchased by a leading private equity sponsor. Prospect has also invested $34.4 million in Class D senior secured notes and Class E subordinated notes for CIFC Funding 2011-I, Ltd., with third party first loss capital underneath Prospect's position.

Quelle: www.prospectstreet.com

[rickrack]

Hallo zusammen,

habe gestern Antwort von Brian H. Oswald, dem CFO höchstpersönlich, bekommen. Er hat meine Fragen an die IR-Abteilung ausführlich beantwortet.

Hier in Kürze die Infos:

1. In the news you say: "...the exit price translates for Energy Solutions into a 57% internal rate of return and 5.5 times cash on cash return on the Gas Solutions investment". What exactly do you mean with "cash on cash return"?

Cash on cash returns means the total amount of cash received from the investment divided by the total amount of cash invested. What this means is that if Energy solutions invested $50M, it received cash back of $275M.

2. But this does not fit to the 57% internal rate of return (is it return on invest?). Could you make that clear please?! The internal rate of return is the annualized return on the investment. This investment has been outstanding since 2004 and our investment has grown since that time.

3. The news says: "...Prospect expects to exceed its prior net investment income guidance for the December 2011 quarter". What exactly does that mean? Are you telling us that you are expecting a better EBIT?
We are expecting our NII to be in excess of the $0.26 - $0.30 per share we projected in the last earnings release. This was driven by an increased level of dividends during the quarter.

3. The news continues with: "...and to more than cover its distributions to Prospect shareholders in the December 2011 quarter."
What does that mean? Are you thinking of increasing your dividends (distributions)? Or are you planning a special dividend (extraordinary distribution)?

This means that we expect to have earnings in excess of the distributions made for this quarter. We do not make any projections about future dividends or dividend levels. These are set by the Board on a quarterly basis based on the expected earnings for the quarter and future projections.


Alles in allem:
die Ergebnisse sind also tatsächlich so erfreulich wie ich ursprünglich (und spontan) vermutet hatte.
Bzgl. der Dividende hat er sich leider zu keiner Aussage hinreißen lassen. Schade... Hätte ja sein können.
Aber auch verständlich, dass er seinem "Board" hier nicht vorgreifen kann.


Viele Grüße
rickrack

[rickrack]

Hallo zusammen,

Prospect aktuell über der 10$-Marke...
10,08$ jetzt gerade. Das sieht sehr gut aus...

Grüße
rickrack

[rickrack]

by the way: Prospect jetzt bei 9,99 US$... die 10er-Marke war heute nicht zu knacken... aber wir haben noch einen Tag in dieser Woche

Grüße
rickrack

[rickrack]

Hallo zusammen,

kurzer Zwischenstand bzgl. meiner Anfrage: Daria hat prompt geantwortet und meine - zugegebenermaßen zahlreichen und finanziell durchaus "fiesen" - Fragen direkt an den CFO Brian Oswald weitergeleitet.
Mal sehen, wann er sich meldet.

Viele Grüße
rickrack

[rickrack]

Hallo zusammen,

so, ich habe soeben die IR-Abteilung mit einigen "dummen" Fragen zu Formulierungen und Interpretationen gelöchert. Daria Becker ist immer sehr freundlich und antwortet in der Regel schnell.
Mal sehen, wie schnell es diesmal geht...

Grüße an euch
rickrack

[rickrack]

Hier sind die News von Prospect - außerordentlich gut... Mehr dazu "auf deutsch" unter der Meldung.


Prospect Capital Portfolio Company Energy Solutions Sells Gas Solutions for $200 Million, Generating a 57% Internal Rate of Return and 5.5 Times Cash on Cash Return

Company Release - 01/09/2012 07:00

NEW YORK, NY -- (MARKET WIRE) -- 01/09/12 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that Prospect's portfolio company Energy Solutions Holdings Inc. ("Energy Solutions") has sold its gas gathering and processing assets ("Gas Solutions") for a sale price of $200 million, comprised of $172 million in cash plus a $28 million earnout based on the future performance of Gas Solutions.

Together with prior cash flows, and excluding both escrow and earnout, the exit price translates for Energy Solutions into a 57% internal rate of return and 5.5 times cash on cash return on the Gas Solutions investment.

Energy Solutions, formerly known as Gas Solutions Holdings Inc., continues as a portfolio company of Prospect with other energy-related operations. Prospect continues to hold $40.5 million of debt against Energy Solutions, with such debt continuing to be serviced by Energy Solutions.

In the December 2011 quarter prior to the sale, which occurred in January 2012, Prospect received dividend income of $10.8 million from Gas Solutions, a record number and significantly greater than the $3.5 million received in the September 2011 quarter.

As a result of this record dividend income from Gas Solutions and the continuing performance of the rest of the Prospect portfolio, Prospect expects to exceed its prior net investment income guidance for the December 2011 quarter and to more than cover its distributions to Prospect shareholders in the December 2011 quarter.

In the current March 2012 quarter, Prospect expects to realize from Energy Solutions at least $12.1 million in interest, dividend, and fee investment income, with significant future expected income.

"The Gas Solutions exit represents another valuable realization in the Prospect Capital track record," said M. Grier Eliasek, President of Prospect. "We continue to work both on other potentially valuable realizations and on originating and closing new investments to put the capital realized to work in a diversified array of new opportunities. Having invested in more than $1 billion of new originations in calendar year 2011, and having significant current liquidity to fund new originations, we believe we have the resources in place to put significant new assets on the books in 2012."

"Our expertise in energy and long-term investment outlook helped drive our successful Gas Solutions investment over the past seven years," said Mark Hull, a Vice President of Prospect Capital Management. "We welcome the opportunity to review new investment opportunities in the energy sector and other industries, as we are now actively looking for attractive assets to replace Gas Solutions."

ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a closed-end investment company that lends to and invests in private and microcap public 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. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.

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 these estimates and projections of the future. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

Source: Prospect Capital Corporation



Wow, ich kann nur sagen: das liest sich großartig. Das Investment in Energy Solutions Holdings Inc. hat sich anscheinend voll ausgezahlt. Zum einen konnten im vergangenen Jahr erhebliche Summen an Dividenden erzielt werden, zum anderen wurde mit dem Verkauf der "Gas Solutions"-Sparte ein wirklich wahnsinnig gutes Ergebnis erzielt. Prospect spricht von einem 57%igen Return (wenn ich das richtig interpretiere ist hier ein ROI, d.h. Return on investment gemeint). Und da sind 57% mehr als ordentlich. Um nicht zu sagen: absolut spitze (zum Vergleich: auf der Bank erhalte ich aktuell 2,7% Return on invest wenn ich mir ein Tagesgeldkonto zulege...).

Dazu kommt, dass das Unternehmen mit anderen energie-bezogenen Sparten als Portfolio-Unternehmen erhalten bleibt.
Das lässt auf weitere gute Nachrichten hoffen.

Was mich aber am meisten gefreut hat ist die folgende Passage zur Dividendenzahlung:
"As a result of this record dividend income from Gas Solutions and the continuing performance of the rest of the Prospect portfolio, Prospect expects to exceed its prior net investment income guidance for the December 2011 quarter and to more than cover its distributions to Prospect shareholders in the December 2011 quarter."
Das heißt für mich nichts anderes als dass wir bzgl. der Dividende gespannt sein dürfen. Für mich klingt das wie die Ankündigung einer satten Erhöhung bzw. ggf. einer Sonderdividende... - das ist aber jetzt meine persönliche Vermutung.
Ich werde gleich einmal die IR-Abteilung kontaktieren und nachfragen.
Sobald ich Info habe gebe ich Bescheid.

Viele Grüße
rickrack