By James McCandless
San Antonio, Feb. 6 – Oxford Lane Capital Corp. priced a $87.5 million offering of series 2027 term preferred stock with a dividend of 6.25%, according to a filing with the Securities and Exchange Commission.
There is a $13,125,000 greenshoe.
Ladenburg Thalmann & Co. Inc. and BB&T Capital Markets are the joint bookrunners.
Dividends are payable on the last day of each month, commencing on March 31, 2020.
The preferreds are redeemable on or after Feb. 28, 2023 at par.
Oxford Lane plans to use the proceeds for acquiring investments in accordance with the company’s investment objective and strategies, for general working capital purposes and/or to redeem a portion of its outstanding 7.5% series 2023 term preferred shares.
The company plans to list the preferreds on the Nasdaq under the symbol “OXLCP.”
Oxford Lane is a Greenwich, Conn.-based closed-end management investment company.
| Issuer: | Oxford Lane Capital Corp.
|
| Description: | Series 2027 term preferred stock
|
| Amount: | $87.5 million, or 3.5 million shares
|
| Greenshoe: | $13,125,000, or 525,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. and BB&T Capital Markets
|
| Dividend: | 6.25%
|
| Price: | Par of $25.00
|
| Yield: | 6.25%
|
| Call: | On or after Feb. 28, 2023 at par
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 28
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: OXLCP
|
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