CLO (collateralized loan obligation) owner Oxford Lane Capital (OXLC) has priced a new issue of $25 baby bonds.
The issue prices at 8.75% with a maturity date of 6/30/2023.
The company has 4 term preferreds and 2 baby bonds already outstanding which can be seen here.
The pricing term sheet is here.
I found you guys a while back. Have no idea what I’m doing…but think I’m catching on. You hire a guy for around $25 to work for you for at least 4 years. Send him out to look for money and every three months he comes back with around $0.55 and gives it to you. And the more guys you hire, the more they bring back…..unless they get mugged along the way. Maybe I’ll give it a try.
Tim, the headnote has an error: maturity is 06/30/2030 (not 2023)
Higher rate than the others are paying even with YTM.
I have the OXLCN ECCC. When this issue starts to trade it will be a good time to review these positions in light of this issue and the several more recent issues by these 2 funds. I may also allocate more capital to this sector.
Bummer that is pays quarterly rather than monthly.
BB always pays quarterly
And, don’t forget, it pays interest, not a dividend.
06/30/2030