New Issue: Oxford Lane sells $15 million 8.5% series 2017 term preferreds at par

By Stephanie N. Rotondo

Phoenix, Nov. 20 - Oxford Lane Capital Corp. priced $15 million 8.5% series 2017 term preferred shares at par, the closed-end investment management firm said in a press release published on Tuesday.

Dividends are payable monthly. The preferreds become redeemable on Dec. 31, 2017 at par plus accrued dividends.

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

Ladenburg Thalmann & Co. Inc., JMP Securities Inc., MLV & Co. and National Securities Corp. are the joint bookrunners.

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.

Issuer:	Oxford Lane Capital Corp.
Securities:	Series 2017 term preferred shares
Amount:	$15 million, or 600,000 shares
Greenshoe:	$2.25 million, or 90,000 shares
Bookrunners:	Ladenburg Thalmann & Co. Inc., JMP Securities Inc., MLV & Co., National Securities Corp.
Co-managers:	Maxim Group LLC, Aegis Capital Corp.
Dividend:	8.5%
Price:	Par of $25.00
Yield:	8.5%
Call options:	On or after Dec. 31, 2017 at par plus accrued dividends; or if the company fails to maintain an asset coverage ratio of at least 200%
Pricing date:	Nov. 20
Settlement date:	Nov. 28
Expected symbol:	Nasdaq: OXLCP

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