By Stephanie N. Rotondo
Seattle, June 6 – Oxford Lane Capital Corp. priced a $62.5 million underwritten public offering of 6.75% series 2024 term preferred stock on Tuesday, a market source reported.
Price talk was 6.75%.
Ladenburg Thalmann & Co. Inc. is the lead manager. BB&T Capital Markets and William Blair & Co. are the joint bookrunners.
The new issue becomes callable on June 30, 2020 at par plus accrued dividends.
Proceeds will be used to redeem all of the $50.5 million outstanding 8.125% series 2024 term preferreds, which become redeemable on June 30. Any remaining funds will be used for investment purposes, general working capital and/or to redeem a portion of the outstanding 7.5% series 2023 term preferred shares.
Oxford Lane is a Greenwich, Conn.-based investment company.
Issuer: | Oxford Lane Capital Corp.
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Securities: | Series 2024 term preferred stock
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Amount: | $62.5 million
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Maturity: | June 30, 2024
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Bookrunners: | BB&T Capital Markets and William Blair & Co.
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Lead manager: | Ladenburg Thalmann & Co. Inc.
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Co-manager: | National Securities Corp.
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Dividend: | 6.75%
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Price: | Par of $25.00
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Yield: | 6.75%
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Talk: | 6.75%
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Call options: | On or after June 30, 2020 at par plus accrued dividends
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Pricing date: | June 6
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Settlement date: | June 12
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