Oxford Lane Capital Corp. Announces Preferred Stock Offering
February 04 2020 - 4:01PM
Oxford Lane Capital Corp. (the “Company”) (NasdaqGS: OXLC, OXLCO
and OXLCM) today announced that it plans to offer shares of its
newly designated Series 2027 Term Preferred Shares (the “Preferred
Stock”) in an underwritten public offering. The public offering
price and other terms of the Preferred Stock are to be determined
by negotiations between the Company and the underwriters. The
Company also plans to grant the underwriters a 30-day option to
purchase additional shares of Preferred Stock on the same terms and
conditions to cover over-allotments, if any.
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,
National Securities Corporation, a wholly owned subsidiary of
National Holdings, Inc. (NASDAQ:NHLD), Wedbush Securities Inc. and
William Blair & Company L.L.C. 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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