作者：Rene Ismail Prospect Capital Corp.正在讨论其自2021年以来首次高收益债券发行的收益率，约为8%，这凸显了私募信贷基金融资成本上升的问题。
By Rene Ismail Prospect Capital Corp. is discussing a yield of about 8% on its first junk-bond offering since 2021, underscoring the rising costs of funding for private-credit funds.
据知情人士称，该公司计划通过发行五年期票据筹资5亿美元，用于再融资一笔年利率为3.364%、将于今年11月到期的债务。此次发行的唯一簿记管理人为Pareto Securities，该公司周四与投资者举行了电话会议。
The firm is seeking to raise $500 million through a five-year note to refinance debt that bears interest at 3.364% and matures in November this year, according to a person familiar with the matter. Pareto Securities, the offering’s sole bookrunner, held calls with investors on Thursday.
本周，五年期美国国债收益率升至近二十年来的最高水平，推高了所有寻求债务再融资或收购融资的企业的借贷成本。这也使私募信贷基金在扣除费用和常规信用损失后，获取回报的空间进一步缩小；这类基金通常向规模较小的企业放贷，收益率约为11%。
Yields on five-year Treasuries rose to their highest in almost two decades this week, raising borrowing costs for all companies seeking to refinance debt or fund acquisitions. That also leaves less room for private-credit funds — which typically lend to smaller companies at yields of about 11% — to earn a return after fees and normal credit losses are taken into account.
所谓商业发展公司今年因对软件企业的敞口而受到更严格审视。市场担心人工智能可能扰乱其中一些借款企业的业务。
The so-called business development companies have faced increased scrutiny this year over their exposure to software firms amid fears that artificial intelligence could disrupt some of those borrowers’ businesses.
Prospect Capital在一封电子邮件声明中表示，这笔5亿美元的交易将按备考口径将其债务融资加权平均成本最多提高0.5个百分点，达到约6.5%。公司补充称，这一水平“仍远低于”11%的收益率门槛。Pareto未回应置评请求。
The $500 million transaction will increase Prospect Capital’s weighted average cost of debt financing by as much as 0.5 percentage point on a pro forma basis, to about 6.5%, the company said in an emailed statement. That’s “still well below” the 11% yield threshold, it added. Pareto didn’t respond to a request for comment.
Prospect Capital于2024年失去投资级地位，当时标普全球评级和穆迪评级均下调了该公司的信用评级。穆迪周二为拟议债券发行授予Ba1评级，该评级低于投资级一档，理由是该公司的盈利表现及信用风险状况较同业更高。
Prospect Capital lost its high-grade status in 2024, when both S&P Global Ratings and Moody’s Ratings downgraded the firm. Moody’s on Tuesday assigned a Ba1 rating to the proposed bond sale, one step below investment grade, citing the company’s earnings performance over the past two years and a riskier credit profile than peers.
即便是投资级商业发展公司，也不得不支付更高成本来筹集资金。例如，Oaktree Specialty Lending Corp.本月早些时候以超过7%的收益率筹集了3亿美元。
But even investment-grade BDCs are paying up to raise funds. Oaktree Specialty Lending Corp., for example, earlier this month raised $300 million at a yield of more than 7%.
Prospect Capital已通过发行优先股和企业债券来筹集资金，这些金融工具通常受到散户投资者的青睐。该人士补充说，拟议中的债券发行所得资金还将用于部分偿还公司的循环信贷额度，并提升公司的资产负债表流动性。由于该人士未被授权公开发言，因此要求匿名。
Prospect Capital has tapped preferred stock and corporate notes for new financing, instruments commonly bought up by retail investors. Proceeds from the proposed bond issuance will also be used to partially pay down its revolving credit facility and shore up balance sheet liquidity, the person added, asking not to be identified because they’re not authorized to speak publicly.