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OXLCP - OXLC: The New 6.75% OXLC Baby Bond Shifts The Value Equation
Oxford Lane Capital Corp - 6.25% PRF REDEEM 28/02/2027 USD 25 - Ser 2027
OXLC has announced a new 6.75% baby bond - OXLCL - which will likely be used to redeem the OXLCO preferred.
The new bond changes the relative value equation in the OXLC capital structure, with preferreds now looking much less attractive due to their subordination.
We don't know where OXLCL will open, however, unless it rallies strongly out of the gate, it will be very compelling relative to the OXLC preferreds and the ECC bonds.