GREENWICH, CT -- (Marketwired) -- 12/16/14 -- Oxford Lane Capital Corp. ("Oxford Lane") (NASDAQ: OXLC) announced today that it has commenced the mailing of a notice to shareholders, in accordance with Section 23(c)(1) under the Investment Company Act of 1940, to inform its shareholders that its Board of Directors has authorized a stock repurchase program to acquire up to $35 million of Oxford Lane's outstanding shares of common stock.
Stock repurchases under this program are to be made through the open market, including through block purchases, at times and in such amounts as Oxford Lane's management deems appropriate and in accordance with regulatory requirements. Oxford Lane anticipates that the manner, timing, and amount of any share purchases will be determined by Oxford Lane's management based upon the evaluation of market conditions, stock price, and additional factors. The repurchase program does not obligate Oxford Lane to acquire any specific number of shares, if any, and may be extended, modified or discontinued at any time.
Unless extended by Oxford Lane's Board of Directors, Oxford Lane expects the repurchase program to be in place until the earlier of March 31, 2015 or until $35 million of Oxford Lane's outstanding shares of common stock have been repurchased.
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.
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.
Contact:
Bruce Rubin
203-983-5280
