Oxford Lane Capital Corp. plans to offer series 2024 term preferred shares to the public.
The offering's underwriters will be given a 30-day option to purchase additional shares to cover overallotments, if any.
Oxford Lane Capital intends to use net proceeds to redeem all its outstanding 8.125% series 2024 term preferred shares, which are redeemable starting June 30. As of June 2, the company had about $50.5 million in aggregate principal value outstanding of the shares.
Net proceeds still available after the redemption will be used for acquiring investments in accordance with Oxford Lane Capital's investment objective, for general working capital purposes or to redeem part of its outstanding 7.50% series 2023 term preferred shares.
Ladenburg Thalmann & Co. Inc. is the lead book-running manager. BB&T Capital Markets and William Blair & Co. LLC are joint book-running managers. National Securities Corp. and Wedbush Securities Inc. are co-managers.