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OXLCP - Preferred Stock For OXLC And Other CLO Equity Funds: Cheap Dividends
Oxford Lane Capital Corp - 6.25% PRF REDEEM 28/02/2027 USD 25 - Ser 2027
Author's note: This article was released to CEF/ETF Income Laboratory members on February 15, 2020. This article was co-produced with Alpha Male.
Preferred Stock: Expensive Leverage Or Cheap Dividends?
The main thesis of this article is to explain why issuing preferred shares as leveraged benefits CLO equity closed-end funds.
Oxford Lane Capital Corp (OXLC) made news when they announced they had priced a new preferred stock offering, raising ~$87.5mm by issuing preferred shares with a coupon of 6.25% (to commence trading within 30 days of 2/11/20 under the ticker: OXLCP). Some