Oxford Square Capital Corp. Prices Public Offering of $42.5 Million 6.25% Notes Due 2026
28 March 2019 - 9:18AM
Oxford Square Capital Corp. (NasdaqGS: OXSQ) (the “Company”) today
announced that it has priced an underwritten public offering of
$42.5 million in aggregate principal amount of 6.25% unsecured
notes due 2026. The notes will mature on April 30, 2026, and may be
redeemed in whole or in part at any time or from time to time at
the Company’s option on or after April 30, 2022. The notes will
bear interest at a rate of 6.25% per year payable quarterly on
January 31, April 30, July 31, and October 31 of each year,
commencing July 31, 2019.
The offering is expected to close on April 3, 2019, subject to
customary closing conditions. The Company has granted the
underwriters an option to purchase up to an additional $6.375
million in aggregate principal amount of notes. The notes are
expected to be listed on the NASDAQ Global Select Market and to
trade thereon within 30 days of the original issue date under the
trading symbol “OXSQZ”.
The Company expects to use the net proceeds from this offering
to primarily fund investments in debt securities and CLO
investments in accordance with its investment objective and for
other general corporate purposes. The Company may use a
portion of the net proceeds from the offering to repay outstanding
indebtedness under its existing credit facility. As of
March 25, 2019, the Company had $77.4 million of indebtedness
outstanding under the credit facility. The notes have been rated
"A-"* by Egan-Jones Ratings Company.
Ladenburg Thalmann & Co. Inc., a subsidiary of
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS),
and BB&T Capital markets, a division of BB&T Securities,
LLC, are acting as joint book-running managers. B Riley FBR,
Inc. and Incapital LLC are acting as lead managers and National
Securities Corporation, a wholly-owned subsidiary of National
Holdings Inc. (NASDAQ: NHLD), is acting as co-manager.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities
or any other securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state or jurisdiction.
A shelf registration statement relating to these
securities is on file with and has been declared effective by the
Securities and Exchange Commission. The offering may be made only
by means of a prospectus and a related prospectus supplement,
copies of which may be obtained, when available, from any of the
following investment banks: Ladenburg Thalmann,
Attn: Syndicate Department, 277 Park Ave, 26th Floor, New York, NY
10172, or by emailing prospectus@ladenburg.com (telephone number
1-800-573-2541). The preliminary prospectus
supplement, dated March 26, 2019, and accompanying prospectus,
dated March 25, 2019, each of which has been filed with the
Securities and Exchange Commission, contain a description of these
matters and other important information about
the Company and should be read carefully
before investing. Investors are advised to carefully consider the
investment objectives, risks and charges and expenses of the
Company before investing.
*Note: A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at
any time.
About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business
development company principally investing in syndicated bank loans
and debt and equity tranches of collateralized loan obligation
(“CLO”) vehicles. CLO investments may also include warehouse
facilities, which are financing structures intended to aggregate
loans that may be used to form the basis of a CLO vehicle.
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 Company’s
securities offering and the anticipated use of the net proceeds of
the 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, except as may be required by law.
Contact:Bruce Rubin203-983-5280
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