Oxford Lane Capital Corp. Announces Preferred Stock Offering
(firmenpresse) - GREENWICH, CT -- (Marketwired) -- 06/05/17 -- Oxford Lane Capital Corp. (the "Company") (NASDAQ: OXLC) (NASDAQ: OXLCO) (NASDAQ: OXLCN) today announced that it plans to offer shares of its newly designated Series 2024 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 MKT: LTS), is acting as the lead book-running manager for the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, and William Blair & Company L.L.C. are acting as the joint book-running managers for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), and Wedbush Securities Inc. are acting as co-managers.
The Company intends to use the net proceeds from this offering to redeem all of its outstanding 8.125% Series 2024 Term Preferred Shares, which are redeemable commencing June 30, 2017. As of June 2, 2017, the Company had approximately $50.5 million in aggregate principal value outstanding of its 8.125% Series 2024 Term Preferred Shares. Any net proceeds from this offering in excess of the amount required to redeem all of the outstanding 8.125% Series 2024 Term Preferred Shares will be used 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.
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.
Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It currently seeks to achieve its investment objective of maximizing total return by investing in securitization vehicles which, in turn, primarily invest in senior secured loans made to companies whose debt is unrated or is rated below investment grade.
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 Rubin
203-983-5280
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Datum: 05.06.2017 - 14:15 Uhr
Sprache: Deutsch
News-ID 1507555
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Commercial & Investment Banking
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