By Wendy Van Sickle
Columbus, Ohio, Aug. 9 – Oxford Lane Capital Corp. priced $60 million of 6% series 2029 term preferred stock at par of $25 on Monday, according to a news release.
There is a $9 million greenshoe.
The preferreds mature on Aug. 31, 2029 but may be redeemed at par at any time on or after Aug. 31, 2024.
The preferreds are also callable if the company fails to maintain an asset coverage ratio of at least 200%.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., InspereX LLC and William Blair & Co., LLC are the joint bookrunners.
Compass Point Research & Trading, LLC and Wedbush Securities Inc. are the lead managers.
The company plans to use proceeds for acquiring investments in accordance with its investment objective and strategies and for general working capital purposes.
Oxford Lane is a Greenwich, Conn.-based closed-end management investment company.
| Issuer: | Oxford Lane Capital Corp.
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| Issue: | Term preferred stock
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| Amount: | $60 million, or 2.4 million shares
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| Greenshoe: | $9 million, or 360,000 shares
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| Maturity: | Aug. 31, 2029
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| Bookrunners: | Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., InspereX LLC and William Blair & Co., LLC
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| Lead managers: | Compass Point Research & Trading, LLC and Wedbush Securities Inc.
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| Dividend: | 6%
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| Price: | Par of $25
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| Yield: | 6%
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| Call option: | In whole or in part at any time or from time to time on or after Aug. 31, 2024
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 17
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| Symbol: | Nasdaq: OXLCO
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