Business Context and Reporting Period
Company: Oxford Square Capital Corp. (OXSQ)
Filing Type: Form 8-K (Current Report)
Reporting Date: May 14, 2021 (Event Date: May 13, 2021)
Context: The Company entered into a material definitive agreement to issue new debt securities.
Key Financial Metrics
This filing does not report operational financial metrics such as revenue, profit, cash flow, or margins. The primary financial data relates to a new debt issuance:
- New Debt Issuance: $70.0 million aggregate principal amount of 5.50% Notes due 2028.
- Over-Allotment Option: Underwriters have an option to purchase up to an additional $10.5 million of notes.
- Existing Debt: The Company has outstanding 6.50% Notes due 2024 (OXSQL) and 6.25% Notes due 2026 (OXSQZ).
Material Changes
The material change reported is the execution of an underwriting agreement with Ladenburg Thalmann & Co. Inc. for the Offering. The closing of the Offering is expected on May 20, 2021, subject to customary conditions. No comparative period financial data is provided in this document.
Outlook, Risks, and Management Commentary
Management Commentary: The Offering was made pursuant to an effective shelf registration statement on Form N-2. The filing serves as a summary of the Underwriting Agreement, which is filed as Exhibit 1.1.
Risks and Contingencies: The closing is subject to customary closing conditions. The filing explicitly states it does not constitute an offer to sell securities in jurisdictions where such an offer would be unlawful prior to registration.
Investor Verification Checklist
- Verify the final closing date of the Offering (expected May 20, 2021).
- Confirm whether the underwriters exercised the $10.5 million over-allotment option.
- Review the full Underwriting Agreement (Exhibit 1.1) for specific covenants and use of proceeds.
- Check subsequent filings for the impact of the new 5.50% Notes on the Company's leverage ratios and interest expense.