Oxford Lane Capital Prices New Baby Bonds

While the official paperwork has not been posted on the SEC site Oxford Lane Capital (OXLC) has priced their new issue of baby bonds.

The issue, with a maturity date in 2031, carries a coupon of 6.75%.

Interest payments will be paid quarterly.

The company sold 3.48 million shares with an over allotment of 520,000 shares available. Gross proceeds will be $100 million if all shares (bonds) are sold.

The company had previously announced the intention to redeem their 7.50% term preferred shares (OXLCO) of which there are 2.28 million shares outstanding.

The company press release announcing the pricing can be read here.

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  1. GREENWICH, Conn., April 01, 2021 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (the “Company”) (NasdaqGS: OXLC, OXLCO, OXLCM, OXLCP and OXLCL) announced today an update to the de-listing date of the Company’s 7.50% Series 2023 Term Preferred Stock (the “Shares”), which was previously announced in a press release issued on March 16, 2021 regarding the Company’s redemption of all of the issued and outstanding Shares. The Shares are currently traded on the NASDAQ Global Select Market under the ticker OXLCO. The Shares will continue to trade on the NASDAQ Global Select Market through April 14, 2021 and will be de-listed from the NASDAQ Global Select Market at the close of business on April 14, 2021. Holders of the Shares that own Shares as of the close of business on April 14, 2021 will be entitled to payment for such Shares on April 15, 2021.
    All other terms of the redemption previously announced in the press release issued on March 16, 2021, including the redemption price of $25 per Share plus $0.07291667, which represents the accrued but unpaid dividends per Share from April 1, 2021 to

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