By Stephanie N. Rotondo
Phoenix, June 13 - Oxford Lane Capital Corp. sold $20 million of 7.5% series 2023 term preferred stock, the company said in a press release on Thursday.
Ladenburg Thalmann & Co. Inc. and MLV & Co. LLC are the joint bookrunning managers.
Dividends will be payable monthly, beginning July 31. 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 corporate 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: | $20 million, or 800,000 shares
|
| Greenshoe: | $3 million, or 120,000 shares
|
| Maturity: | June 30, 2023
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., MLV & Co. LLC
|
| Lead managers: | Maxim Group LLC, National Securities Corp.
|
| Co-manager: | Henley & Co.
|
| Dividend: | 7.5%
|
| Price: | Par of $25.00
|
| Yield: | 7.5%
|
| Call options: | Mandatorily redeemable June 30, 23 or in the event the company's asset coverage ration falls below 200%; call price par plus accrued dividends
|
| Pricing date: | June 13
|
| Settlement date: | June 21
|
| Expected listing: | Nasdaq: OXLCO
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
