SOURCE: Oxford Lane Capital Corp.

December 10, 2013 08:00 ET

Oxford Lane Capital Corp. Announces Preferred Dividends on Series 2017 and Series 2023 Preferred Stock

GREENWICH, CT--(Marketwired - Dec 10, 2013) -  Oxford Lane Capital Corp. ("Oxford Lane" or "Company") (NASDAQ: OXLC) (NASDAQ: OXLCP) (NASDAQ: OXLCO) announced today that the Company's Board of Directors has declared the required monthly dividends on its Series 2017 and Series 2023 Term Preferred Shares (each, a "Share") of $0.1771 and $0.15625 per Share, respectively, for the months of December 2013, January 2014 and February 2014. The dividends are payable on December 31, 2013 (record date December 20, 2013), January 31, 2014 (record date January 20, 2014), and February 28, 2014 (record date February 17, 2014), respectively.

In accordance with their terms, each of the Series 2017 and Series 2023 Shares will pay a monthly dividend at a fixed rate of 8.50% and 7.50%, respectively, of the $25.00 per share liquidation preference, or $2.125 and $1.875 per Share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not in any case be lower than 8.50% and 7.50% per year, respectively, for each of the Series 2017 and Series 2023 Shares.

About Oxford Lane Capital Corp.

Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It currently seeks to achieve its investment objective of maximizing total return by investing in securitization vehicles which, in turn, primarily invest in senior secured loans made to companies whose debt is rated below investment grade or is unrated. 

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. 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. We undertake no obligation to update such statements to reflect subsequent events.

Contact Information

  • Contact:
    Bruce Rubin
    203-983-5280