SOURCE: Oxford Lane Capital Corp.

February 23, 2016 17:00 ET

Oxford Lane Capital Corp. Provides Update on Its Preferred Stock Repurchase Program

GREENWICH, CT--(Marketwired - Feb 23, 2016) - Oxford Lane Capital Corp. (NASDAQ: OXLC) (NASDAQ: OXLCN) (NASDAQ: OXLCO) (the "Fund," "we," "us," or "our") is providing an update on its previously announced Preferred Stock Repurchase Program.

  • On December 2, 2015, the Fund announced a Preferred Stock Repurchase Program. Under this Repurchase Program and since December 31, 2015, the Fund has repurchased 688,127 shares of its Series 2023 Term Preferred Stock, at an average price of $24.24 per share and 405,909 shares of its Series 2024 Term Preferred Stock, at an average price of $24.67 per share. The Fund may, but is not obligated to, continue repurchasing its outstanding Preferred Stock in the open market from time to time through June 30, 2016.

  • As a result of the shares of Preferred Stock repurchased to date under the Preferred Stock Repurchase Program, the Fund has cured its prior non-compliance as of December 31, 2015 with the asset coverage requirement in the Preferred Stock governing documents, in accordance with the cure provisions therein.

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 unrated or is rated below investment grade.

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, unless required to do so by law.

Contact Information

  • Contact:
    Bruce Rubin
    203-983-5280