CLO owner Oxford Lane Capital (OXLC) has announced a new offering of term preferred stock.
Term preferreds are sold with a mandatory redemption date–in this case it will be in 2027.
This issue will be cumulative, pay monthly dividends and will be non-qualified.
The permanent ticker on this will be OXLCP when it finally trades on the permanent exchange (NASDAQ).
OXLC currently has 2 other term preferreds outstanding which can be seen here. NOTE that the company MAY redeem part of the 2023 term preferred (OXLCO) 7.50% issue per the prospectus. These shares are currently redeemable–they closed at $25.66 today so it is likely someone is going to get a bit of a spanking tomorrow (actually the shares are already off 23 cents in after hours trading).
These will trade OTC Grey market but the ticker has not been announced.
The preliminary prospectus for the new issue is here.
I always try to beat mcg to the punch with these new issues, but he/she is quick on the draw and beat me by 16 minutes today–under Reader Initiated Alerts.