By Stephanie N. Rotondo
Seattle, June 6 – Oxford Lane Capital Corp. priced a $62.5 million underwritten public offering of 6.75% series 2024 term preferred stock on Tuesday, a market source reported.
Price talk was 6.75%.
Ladenburg Thalmann & Co. Inc. is the lead manager. BB&T Capital Markets and William Blair & Co. are the joint bookrunners.
The new issue becomes callable on June 30, 2020 at par plus accrued dividends.
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, 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.
| Issuer: | Oxford Lane Capital Corp.
|
| Securities: | Series 2024 term preferred stock
|
| Amount: | $62.5 million
|
| Maturity: | June 30, 2024
|
| Bookrunners: | BB&T Capital Markets and William Blair & Co.
|
| Lead manager: | Ladenburg Thalmann & Co. Inc.
|
| Co-manager: | National Securities Corp.
|
| Dividend: | 6.75%
|
| Price: | Par of $25.00
|
| Yield: | 6.75%
|
| Talk: | 6.75%
|
| Call options: | On or after June 30, 2020 at par plus accrued dividends
|
| Pricing date: | June 6
|
| Settlement date: | June 12
|
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