Oxford Lane Capital Corp. 6.75% Series 2024 Term Preferred Shares (OXLCM)

OXLCM identified the 6.75% Series 2024 Term Preferred Shares of Oxford Lane Capital Corp., a closed-end fund that invests mainly in the equity and junior debt tranches of collateralized loan obligations. The shares were issued in 2017 with a $25 liquidation preference and paid a fixed dividend of 6.75% per year in monthly installments. They traded on the NASDAQ Global Select Market.

Unlike perpetual preferred stock, term preferred shares carry a fixed mandatory redemption date. For this series, that date was June 30, 2024, when Oxford Lane was required to buy back the shares at $25 plus accrued dividends. The fund also had the right to redeem them earlier, and it used the preferred as part of its leverage alongside other series of term preferred and notes. The Series 2024 Term Preferred Shares were retired by their mandatory redemption date and no longer trade. Oxford Lane's common stock continues to trade on NASDAQ as OXLC.