SOURCE: Oxford Lane Capital Corp.

April 07, 2011 08:00 ET

Oxford Lane Capital Corp. Announces First Fiscal Quarter Dividend of $0.50 per Share

GREENWICH, CT--(Marketwire - April 7, 2011) - Oxford Lane Capital Corp. (the "Company") (NASDAQ: OXLC) announced today that the Company's Board of Directors has declared a dividend of $0.50 per share with respect to the first quarter of the Company's 2012 fiscal year (the quarter ending June 30, 2011), which will be payable on June 30, 2011 to stockholders of record as of June 16, 2011. Based on current estimates of taxable earnings for fiscal 2012, the Company does not expect that any portion of the above-referenced dividend will represent a tax return of capital to the Company's stockholders; however, there can be no assurance that actual results will not differ materially from the projections and assumptions upon which the amount of such dividend was based. The tax character of any distributions will be determined at the end of the fiscal year.

The Company also announced that since the closing of the Company's initial public offering on January 25, 2011, it has invested approximately $31.4 million of the $34.1 million in net proceeds the Company received from its initial public offering (including the proceeds received from the underwriters' partial exercise of the over-allotment option), representing approximately 92% of those proceeds, including transactions entered into by the Company that are pending settlement. These investments were made in junior debt and equity tranches of collateralized loan obligations, consistent with the Company's investment objective described in the prospectus, dated January 19, 2011, relating to the Company's initial public offering.

About Oxford Lane Capital Corp.

Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It seeks to achieve its investment objective of maximizing total return by investing primarily in senior secured loans made to companies whose debt is unrated or is rated below investment grade, with an emphasis on current income. Those investments may take a variety of forms, including the direct purchases of such loans (either in the primary or secondary markets) or through investments in entities that in turn own a pool of such loans.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions, including statements with regard to the anticipated use of the net proceeds of the Company's securities offering. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission, including the prospectus dated January 19, 2011. We undertake no obligation to update such statements to reflect subsequent events.

Contact Information

  • Contact:
    Bruce Rubin
    203-983-5280