Oxford Lane Capital plans to sell series 2024 term preferred shares; price talk 6.75%

By Stephanie N. Rotondo

Seattle, June 5 – Oxford Lane Capital Corp. announced an underwritten public offering of series 2024 term preferred stock on Monday.

Price talk is 6.75%, according to a market source.

Ladenburg Thalmann & Co. Inc. is the lead manager. BB&T Capital Markets and William Blair & Co. are the joint bookrunners. National Securities Corp. is the co-manager.

The new issue becomes callable after three years.

Proceeds will be used to redeem all of the $50.5 million outstanding 8.125% series 2024 term preferreds, which become redeemable on June 30. Any remaining funds will be used for investment purposes, for general working capital and/or to redeem a portion of the outstanding 7.5% series 2023 term preferred shares.

Oxford Lane is a Greenwich, Conn.-based investment company.

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