Oxford Lane Capital (OXLC) will be selling a new issue of $25 notes. OXLC is a holder of collateralized loan obligations–CLOs.
These notes will have a ticker of OXLCZ when they are priced and begin trading in a week or so.
The company has a number of issues (notes and term preferred) currently outstanding which can be found here.
The preliminary prospectus can be found here.
Anyone see call notice for PRIF-D, callable 3/31/2022?
Price near par lately…
tia
“Notice of Redemption will be provided not more than 60 and not less than 30 calendar days prior to the date fixed for redemption in such Notice of Redemption, which we refer to as the Redemption Date” That means the answer should be NO – nobody’s seen a call notice for PRIF-D callable 3/31/2022.
Priced at 5%. $87 million.
https://www.marketwatch.com/press-release/oxford-lane-capital-corp-prices-public-offering-of-87-million-500-notes-due-2027-2022-01-05?siteid=nbkh
Oxford Lane Capital Corp. (the “Company”) (NasdaqGS: OXLC, OXLCM, OXLCP, OXLCL and OXLCO) today announced that it has priced an underwritten public offering of $87 million in aggregate principal amount of 5.00% unsecured notes due 2027. The notes will mature on January 31, 2027, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after January 31, 2024. The notes will bear interest at a rate of 5.00% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing March 31, 2022.
The offering is expected to close on January 13, 2022, subject to customary closing conditions. The Company has granted the underwriters an option to purchase up to an additional $13 million in aggregate principal amount of notes. The notes are expected to be listed on the NASDAQ Global Select Market and to trade thereon within 30 days of the original issue date under the trading symbol “OXLCZ”.
The Company expects to use the net proceeds from this offering to acquire investments in accordance with its investment objective and strategies and/or general working capital purposes.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering and InspereX LLC and Wedbush Securities Inc. are acting as lead managers for the offering.
Just last year (March 2021) with rates at rock bottom they issued a note, OXLCL, at 6.75% with a maturity of 2031 and 1st call in 2024.
Now with rates probably starting to go up we get a 5% with the only advantage being an earlier maturity date of 4 years?
What changed to allow them to get this one off at 5%? Does that maturity date really make that big of a difference???
Zestious–yes 5% for this level of quality is pure silliness