Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, December 5, 5:29 AM
|This Slide: #212 of 573|
Slide #212. Oxford Lane Capital Corp. — Preferred Stock Offering
Oxford Lane Capital Corp. (NASDAQ:OXLC)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Oxford Lane Capital Corp. (the "Company") (NASDAQ: OXLC) (NASDAQ: OXLCO) (NASDAQ: OXLCN) today announced that it has priced an underwritten public offering of 2,500,000 shares of its newly designated 6.75% Series 2024 Term Preferred Shares (the "Preferred Stock") at a public offering price of $25 per share, raising $62.5 million in gross proceeds. The Company has also granted the underwriters a 30-day option to purchase up to 375,000 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 June 14, 2017. 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 June 14, 2017 under the symbol "OXLCM."
Oxford Lane Capital is a closed-end management investment company. The Fund's investment objective is to maximize its portfolio's risk adjusted total return, and seeks to achieve its investment objective by investing in structured finance investments, specifically the equity and junior debt tranches of collateralized loan obligation vehicles, which are collateralized primarily by a diverse portfolio of Senior Loans, and which generally have very little or no exposure to real estate loans, or mortgage loans or to pools of consumer-based debt, such as credit card receivables or auto loans.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 81% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com