Oxford Square Capital Corp. Prices Public Offering of $70 Million 5.50% Notes Due 2028 and Announces BBB Investment Grade Rating of the Notes by Egan-Jones Ratings Company
GREENWICH, Conn., May 13, 2021 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company”) today announced that it has priced an
underwritten public offering of $70 million in aggregate principal amount of 5.50% unsecured notes due 2028. The notes will mature on July 31, 2028, 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 May 31, 2024. The notes will bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and
October 31 of each year, commencing July 31, 2021.
The offering is expected to close on May 20, 2021, subject to customary closing conditions. The Company has granted the underwriters an option to purchase up to an additional $10.5 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 “OXSQG”.
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 notes have been rated “BBB”* by Egan-Jones Ratings Company (“Egan-Jones”).
Egan-Jones is a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Egan-Jones is also certified by the European Securities and Markets Authority (ESMA).
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and William Blair & Company, L.L.C. are acting as joint book-running managers. Compass Point Research & Trading, LLC, Incapital LLC and National Securities Corporation are acting as lead managers.
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.