Oxford Lane Capital Corp. Adopts Preferred Stock Repurchase Program
(firmenpresse) - GREENWICH, CT -- (Marketwired) -- 12/02/15 -- Oxford Lane Capital Corp. ("Oxford Lane" or "Company") (NASDAQ: OXLC) (NASDAQ: OXLCO) (NASDAQ: OXLCN) announced today that the Company''s board of directors has authorized a program for the purpose of repurchasing up to $25 million worth of the outstanding shares of the Company''s 7.50% Series 2023 Term Preferred Stock and up to $25 million worth of the outstanding shares of the Company''s 8.125% Series 2024 Term Preferred Stock (collectively, the "Preferred Stock"). Under this repurchase program, the Company may, but is not obligated to, repurchase its outstanding Preferred Stock in the open market from time to time through June 30, 2016.
Oxford Lane Capital Corp. is a publicly traded registered closed-end management investment company. Our investment objective is to maximize our portfolio''s risk-adjusted total return by purchasing portions of equity and junior debt tranches of collateralized loan obligation ("CLO") vehicles. Structurally, CLO vehicles are entities formed to originate and manage a portfolio of loans. The CLO vehicles which we focus on are collateralized primarily by senior secured loans made to companies whose debt is unrated or is rated below investment grade. Our investment strategy also includes warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including, but not limited to, 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.
Contact:
Bruce Rubin
203-983-5280
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Datum: 02.12.2015 - 15:01 Uhr
Sprache: Deutsch
News-ID 1402008
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Commercial & Investment Banking
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