GREENWICH, CT -- (Marketwired) -- 07/02/14 --
Oxford Lane Capital Corp. ("Oxford Lane" or "Company") (NASDAQ:OXLC) announced today that the Company's Board of Directors has declared the first two required monthly dividends on its recently issued Series 2024 Term Preferred Shares (NASDAQ: OXLCN) of $0.3161 and $0.1693 per share, payable on July 31, 2014 to shareholders of record as of July 18, 2014, and August 29, 2014 to shareholders of record as of August 18, 2014, respectively. The July dividend covers the period from July 1, 2014 through July 31, 2014 and also includes a pro rata dividend for the period from June 5, 2014 through June 30, 2014. The August dividend covers the period from August 1, 2014 through August 31, 2014.
In accordance with its terms, the Series 2024 Shares will pay a monthly dividend at a fixed rate of 8.125% of the $25.00 per share liquidation preference, or $2.03125 per Share per year. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not in any case be lower than 8.125% for the Series 2024 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.
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.
Source: Oxford Lane Capital Corp.