GREENWICH, Conn., May 11, 2020 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCO) (NasdaqGS: OXLCM) (NasdaqGS: OXLCP) today announced the following financial metrics as of April 30, 2020. We note that the collateralized loan obligations (“CLO”) market is currently in a period of very significant market dislocation, as characterized by very limited liquidity, extremely wide bid/ask spreads and extreme volatility in CLO debt and equity pricing.
Management’s unaudited estimate of the range of our net asset value (“NAV”) per share of our common stock as of April 30, 2020 is between $2.67 and $2.77. This estimate is not a comprehensive statement of our financial condition or results for the month ended April 30, 2020. This estimate did not undergo the Company’s typical quarter-end financial closing procedures and was not approved by the Company’s board of directors. We advise you that our NAV per share for the quarter ended June 30, 2020 may differ materially from this estimate, which is given only as of April 30, 2020. We believe the decline in our estimated NAV in April 2020 was principally the result of market value decreases in our investments due to the continued disruption in the global economy and in the capital markets due to the spread of COVID-19.
 The Company received approximately $33.1 million of distributions from its CLO debt and equity investments during the month of April 2020.We believe that the COVID-19 pandemic represents an extraordinary circumstance that materially impacts the fair value of and prospective cash flows from the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be further negatively impacted after April 30, 2020 by circumstances and events that are not yet known.  To the extent the Company’s portfolio investments are further adversely impacted by the effects of the COVID-19 pandemic, the Company may experience a material adverse impact on its future net investment income, the fair value of its portfolio investments, its financial condition and the financial condition of its portfolio investments.The preliminary financial data included in this press release has been prepared by, and is the responsibility of, Oxford Lane Capital Corp.’s management.  PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data.  Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.About Oxford Lane Capital Corp. Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.Forward-Looking StatementsThis 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. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy.  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, except as may be required by law. Contact:
Bruce Rubin
203-983-5280
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