Oxford Lane Capital Corp. Prices Preferred Stock Offering
February 06 2020 - 8:00AM
Oxford Lane Capital Corp. (the “Company”) (Nasdaq GS: OXLC, OXLCO
and OXLCM) today announced that it has priced an underwritten
public offering of 3,500,000 shares of its newly designated 6.25%
Series 2027 Term Preferred Shares (the “Preferred Stock”) at a
public offering price of $25 per share, raising $87.5 million in
gross proceeds. The Company has also granted the underwriters a
30-day option to purchase up to 525,000 additional shares of
Preferred Stock on the same terms and conditions to cover
over-allotments, if any. The closing of the transaction is subject
to customary closing conditions and the shares are expected to be
delivered on February 11, 2020. The Company has applied to list the
Preferred Stock on the NASDAQ Global Select Market and expects
trading to commence thereon within 30 days after February 11, 2020
under the symbol “OXLCP.”
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE American: LTS), and BB&T
Capital Markets, a division of BB&T Securities, LLC, are acting
as the joint book-running managers for the offering. Incapital LLC,
William Blair & Company L.L.C., National Securities
Corporation, a wholly owned subsidiary of National Holdings, Inc.
(NASDAQ:NHLD) and Wedbush Securities Inc. are acting as the lead
managers for the offering.
The Company intends to use the net proceeds from this offering
for acquiring investments in accordance with the Company’s
investment objective and strategies, general working capital
purposes and/or to redeem a portion of its outstanding 7.50% Series
2023 Term Preferred Shares. As of February 3, 2020, the Company had
approximately $90.4 million in aggregate principal value
outstanding of its Series 2023 Term Preferred Shares.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities
or any other securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state or jurisdiction.
The Preferred Stock will be offered and sold pursuant to
the Company’s shelf registration statement relating to such
securities on file with and declared effective by the Securities
and Exchange Commission. The offering of the
Preferred Stock may be made only by means of a prospectus and a
related prospectus supplement, copies of which may be obtained,
when available, from Ladenburg Thalmann, Attn: Syndicate
Department, 277 Park Ave, 26th Floor, New York, NY 10172, or by
emailing prospectus@ladenburg.com (telephone number
1-800-573-2541); or BB&T Capital Markets, a division of
BB&T Securities, LLC, at 901 East Byrd Street, 3rd Floor,
Richmond, VA 23219 Attn: Syndicate Dept. or via email request:
prospectusrequests@bbandtcm.com. Investors
are advised to carefully consider the investment objectives, risks
and charges and expenses of the Company before investing. The
preliminary prospectus supplement, dated February 4, 2020, and
accompanying prospectus, dated July 19, 2019, each of which has
been filed with the Securities and Exchange Commission,
contain a description of these matters and other important
information about the Company and should be read carefully before
investing.
About Oxford Lane Capital Corp.
Oxford Lane Capital Corp. is a publicly-traded registered
closed-end management investment company. It currently seeks to
achieve its investment objective of maximizing risk-adjusted total
return by investing in debt and equity tranches of collateralized
loan obligation (“CLO”) vehicles. CLO investments may also include
warehouse facilities, which are financing structures intended to
aggregate loans that may be used to form the basis of a CLO
vehicle.
Forward-Looking Statements
This press release contains forward-looking statements subject
to the inherent uncertainties in predicting future results and
conditions, including statements with regard to the anticipated use
of the net proceeds of the Company’s securities offering. Any
statements that are not statements of historical fact (including
statements containing the words “believes,” “plans,” “anticipates,”
“expects,” “estimates” and similar expressions) should also be
considered to be forward-looking statements. Certain factors could
cause actual results and conditions to differ materially from those
projected in these forward-looking statements. These factors are
identified from time to time in our filings with the Securities and
Exchange Commission. We undertake no obligation to update such
statements to reflect subsequent events, unless required to do so
by law.
Contact:
Bruce Rubin203-983-5280
Oxford Lane Capital (NASDAQ:OXLC)
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