Oxford Lane Capital Corp. Announces Redemption of 7.50% Series 2023 Term Preferred Stock
GREENWICH, Conn., March 16, 2021 (GLOBE NEWSWIRE) -- Oxford Lane Capital Corp. (the “Company”) (NasdaqGS: OXLC, OXLCO, OXLCM and OXLCP) announced today that it has called for redemption and will redeem all of the issued and outstanding shares of the Company’s 7.50% Series 2023 Term Preferred Stock (the “Shares”), which are traded on the NASDAQ Global Select Market under the ticker OXLCO. The Company will redeem all 2,281,395 Shares on April 15, 2021 (the “Redemption Date”) for a redemption price of $25 per Share plus $0.07291667, which represents the accrued but unpaid dividends per Share from April 1, 2021 to, but excluding, the Redemption Date, for a redemption price of $25.07291667 per Share or an aggregate redemption price of $57,201,226.73. The Company has set April 1, 2021 as the record date for the redemption of the Shares. The Shares will be redeemed from each holder of the Shares pro rata based upon the number of outstanding Shares held by such holder.
The Shares will be de-listed from the NASDAQ Global Select Market on April 1, 2021. Holders of the Shares will not be entitled to receive distributions on the Shares after the Redemption Date. Any dividends previously declared by the Board which become due and payable after the Redemption Date have been rescinded by the Board in connection with the redemption of the Shares, including distributions to be paid on April 30, 2021 and May 28, 2021. Distributions with payment dates prior to the Redemption Date will be paid to holders of the Shares prior to the redemption.
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. 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. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. 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, except as may be required by law.
Contact:
Bruce Rubin
203-983-5280
