Chicago, June 8 – Oxford Lane Capital Corp. priced $60 million of 7.125% $25-par series 2029 preferred stock on Wednesday, according to a press release.
There is a 30-day option to purchase up to an additional 360,000 shares.
The preferreds mature on June 30, 2029 but may be redeemed at par at any time on or after June 30, 2025.
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. and William Blair & Co., LLC are the joint bookrunners.
InspereX LLC and Wedbush Securities Inc. are 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.
The company will list the preferred stock on the Nasdaq Global Select Market within 30 days after the offer settles.
Oxford Lane is a Greenwich, Conn.-based closed-end management investment company. The company invests in the lower-rated and equity tranches of collateralized loan obligations.
| Issuer: | Oxford Lane Capital Corp.
|
| Amount: | $60 million, or 2.4 million shares
|
| Greenshoe: | $9 million, or 360,000 shares
|
| Issue: | Series 2029 preferred stock
|
| Maturity: | June 30, 2029
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and William Blair & Co., LLC
|
| Lead managers: | InspereX LLC and Wedbush Securities Inc.
|
| Counsel to issuer: | Eversheds Sutherland (US) LLP
|
| Counsel to underwriters: | Blank Rome LLP
|
| Coupon: | 7.125%
|
| Price: | Par of $25.00
|
| Yield: | 7.125%
|
| Call features: | Any time on or after June 30, 2025
|
| Trade date: | June 8
|
| Settlement date: | June 16
|
| Distribution: | SEC registered
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
