Published on 11/13/2013 in the Prospect News Preferred Stock Daily.
New Issue: Oxford Lane prices $40.63 million more 7.5% term preferreds at discounted $22.50
By Stephanie N. Rotondo
Phoenix, Nov. 13 - Oxford Lane Capital Corp. sold an additional $40,625,000 of its 7.5% series 2023 term preferred shares in a reopening, according to a press release issued Wednesday.
The company initially sold $20 million of the preferreds on June 30. In the reopening, the preferreds were sold at $22.50 per share, which was a slight discount to Tuesday's closing share price of $22.51.
Ladenburg Thalmann & Co. Inc., Barclays and Deutsche Bank Securities Inc. are the joint bookrunners.
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%.
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.
| Issuer: | Oxford Lane Capital Corp.
|
| Securities: | Series 2023 term preferred stock
|
| Amount: | $40,625,000, or 1.625 million shares
|
| Greenshoe: | $6.09 million, or 243,750 shares
|
| Maturity: | June 30, 2023
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., Barclays, Deutsche Bank Securities Inc.
|
| Co-managers: | Credit Suisse Securities (USA) LLC, BB&T Capital Markets, BTIG LLC, C&Co/PrinceRidge, Maxim Group LLC, MLV & Co. LLC, National Securities Corp.
|
| Dividend: | 7.5%
|
| Price: | $22.50 per share
|
| Liquidation preference: | $25.00 per share
|
| Call options: | In the event the firm's asset coverage ratio falls below 200%
|
| Pricing date: | Nov. 13
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| Settlement date: | Nov. 20
|
| Preferred stock listing: | Nasdaq: OXLCO
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| Preferred stock price: | $22.51 as of Nov. 12 close
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