Oxford Lane Capital announces preferred stock offering

Oxford Lane Capital Corp. (NASDAQ: OXLC) announced plans to offer shares of its newly designated Series 2031 Term Preferred Shares in an underwritten public offering, according to a company statement.

The public offering price and other terms remain to be determined through negotiations between the company and underwriters. Oxford Lane plans to grant underwriters a 30-day option to purchase additional preferred shares to cover over-allotments.

The preferred stock is expected to be listed on the NASDAQ Global Select Market and begin trading within 30 days of the original issue date. The company expects to use net proceeds to repay outstanding debt or for general working capital purposes.

Lucid Capital Markets, LLC and Piper Sandler & Co. are serving as joint book-running managers for the offering. Clear Street LLC, InspereX LLC and William Blair & Company, L.L.C. are acting as lead managers.

Oxford Lane Capital is a publicly-traded closed-end management investment company that principally invests in debt and equity tranches of collateralized loan obligation vehicles. The company also invests in warehouse facilities, which are financing structures designed to aggregate loans that may form the basis of CLO vehicles.

A shelf registration statement relating to the securities is on file with the Securities and Exchange Commission and effective. The offering may only be made through a prospectus and related prospectus supplement.

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