Oxford Lane to sell more 7.5% series 2023 term preferred shares; proceeds for working capital

By Stephanie N. Rotondo

Phoenix, Nov. 12 - Oxford Lane Capital Corp. is issuing additional 7.5% series 2023 term preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

The company initially sold $20 million of the preferreds on June 30.

Ladenburg Thalmann & Co. Inc., Barclays and Deutsche Bank Securities Inc. are the joint bookrunners.

Co-managers are Credit Suisse Securities (USA) LLC, BB&T Capital Markets, BTIG, C&Co/PrinceRidge, Maxim Group LLC, MLV & Co. LLC and National Securities Corp.

Dividends are payable monthly. The preferreds are mandatorily redeemable on June 30, 2023 at par plus accrued dividends.

The preferreds are also redeemable in the event the firm's asset coverage ratio falls below 200%.

The preferreds are listed on the Nasdaq Global Select Market under the ticker symbol "OXLCO."

Proceeds will be used for investments and general working capital purposes.

Oxford Capital is a Greenwich, Conn.-based closed-end, externally managed non-diversified investment company.

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