Oxford Lane Capital to sell series 2017 monthly term preferred stock

By Stephanie N. Rotondo

Phoenix, Nov. 7 - Oxford Lane Capital Corp. is planning a sale of series 2017 term preferred shares, the closed-end investment management firm said in a prospectus filed on Wednesday.

In the Securities and Exchange Commission filing, the company said dividends would be payable monthly. The preferreds become redeemable on Dec. 31, 2017 at par plus accrued dividends.

The shares can also be redeemed if Oxford fails to maintain an asset coverage ratio of at least 200%.

The preferred shares will be listed on the Nasdaq Global Market under the ticker symbol "OXLCP."

Ladenburg Thalmann & Co. Inc., JMP Securities Inc., MLV & Co. and National Securities Corp. are the joint bookrunners. Maxim Group LLC and Aegis Capital Corp. are the co-managers.

The Greenwich, Conn.-based company will use the proceeds for acquiring investments in accordance with investment objectives and strategies and for general working capital purposes.

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