SOURCE: Oxford Lane Capital Corp.

August 30, 2011 16:00 ET

Oxford Lane Capital Corp. Announces Results of Rights Offering

GREENWICH, CT--(Marketwire - Aug 30, 2011) - Oxford Lane Capital Corp. (the "Company") (NASDAQ: OXLC) announced today the results of its transferable rights offering, which expired on August 26, 2011. The rights offering is expected to result in the issuance of approximately 592,000 additional shares of the Company's common stock. Estimated net proceeds after payment of dealer-manager fees are expected to be approximately $8.5 million, before expenses. The net proceeds will be used by the Company for the origination of new investments in accordance with its investment objective, working capital and general corporate purposes. The subscription price for the rights offering was $15.00 per share.

The Company issued to its stockholders of record as of August 3, 2011 transferable rights to subscribe for up to 620,819 shares of the Company's common stock. Record date stockholders received one right for each outstanding share of common stock owned on the record date. The rights, which entitled holders to purchase one new share of common stock for every three rights held, were listed for trading on the Nasdaq Global Select Market under the symbol "OXLCR."

Ladenburg Thalmann & Co. Inc. acted as dealer manager for the rights 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 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 senior loans (either in the primary or secondary markets) or through investments in entities that in turn own a pool of senior 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. We undertake no obligation to update such statements to reflect subsequent events.

For further information regarding the offering please contact the Information Agent:
Georgeson Inc.
199 Water Street
New York, NY 10038
Toll-free: (888) 643-8150
Broker-dealers and nominees may call (212) 440-9800

Contact Information

  • Contact:
    Bruce Rubin

    Patrick Conroy