Welcome!

Microsoft Cloud Authors: Stackify Blog, Liz McMillan, David H Deans, Automic Blog, Pat Romanski

News Feed Item

Oxford Lane Capital Corp. Presentation of Certain Financial Information of the Investment Portfolio as of September 30, 2012

GREENWICH, CT -- (Marketwire) -- 11/06/12 -- Oxford Lane Capital Corp. (NASDAQ: OXLC) (the "Fund" or the "Company") is providing below certain financial information about the Company's investment portfolio as of September 30, 2012. On that date, the Company held 27 investments in Collateralized Loan Obligation ("CLO") vehicles, consisting of 16 junior debt investments and 11 equity investments (presented in the table below with the percentage of each CLO investment shown as a percentage of the Company's Net Asset Value - "NAV").


----------------------------------------------------------------------------
                      S&P /      S&P /
                     Moody's    Moody's
                     Original   Current     Stated
Investment           Ratings    Ratings*   Maturity      Manager     NAV %**
----------------------------------------------------------------------------
ACA CLO 2007-1 -                                      Apidos Capital
Sub Notes             NR/NR      NR/NR    6/15/2022     Management    13.2%
----------------------------------------------------------------------------
                                                         Carlyle
Carlyle GMS CLO                                         Investment
2011-1 - Sub Notes    NR/NR      NR/NR    8/10/2021     Management     7.6%
----------------------------------------------------------------------------
Waterfront CLO 2007                                 Grandview Capital
- Class D Notes       BB/Ba2     BB/Ba3    8/2/2020     Management     7.4%
----------------------------------------------------------------------------
                                                        Commercial
CIFC Funding 2006-                                      Industrial
1X Class B2L Notes    BB/Ba2     BB/Ba3   10/20/2020  Finance Corp.    5.1%
----------------------------------------------------------------------------
Harbourview CLO                                     Harbourview Asset
2006-1 Sub Notes      NR/NR      NR/NR    12/27/2019    Management     4.9%
----------------------------------------------------------------------------
ACA CLO 2007-1 -                                      Apidos Capital
Class E Notes         BB/Ba2     B+/B1    6/15/2022     Management     4.7%
----------------------------------------------------------------------------
Mountain Capital
2005-4X Class B2L                                    Mountain Capital
Notes                 BB/Ba2    BB+/Ba3   3/15/2018      Advisors      4.2%
----------------------------------------------------------------------------
Sargas CLO I Ltd -                                     Sargas Asset
Class D Notes         BB/Ba2     BB/Ba2   8/27/2020     Management     4.1%
----------------------------------------------------------------------------
                                                       CypressTree
Hewett Island CLO                                       Investment
III - Class D Notes   BB/Ba2    CCC-/B2    8/9/2017     Management     3.7%
----------------------------------------------------------------------------
Jersey Street CLO                                     MFS Investment
Income Notes          NR/NR      NR/NR    10/20/2018    Management     3.7%
----------------------------------------------------------------------------
Kingsland V, Ltd.
2007-5X Class E                                     Kingsland Capital
Notes                 BB/Ba2     B/Ba3    7/14/2021     Management     3.5%
----------------------------------------------------------------------------
Emporia III, Ltd.
2007-3A Class E                                      Emporia Capital
Notes                 BB/Ba2     B+/B1    4/23/2021     Management     3.1%
----------------------------------------------------------------------------
Kingsland IV, Ltd.                                  Kingsland Capital
2007-4A Sub Notes     NR/NR      NR/NR    4/16/2021     Management     3.1%
----------------------------------------------------------------------------
Bridgeport CLO II -                                 Deerfield Capital
Class D Notes         BB/Ba2     BB/Ba3   6/18/2021     Management     3.1%
----------------------------------------------------------------------------
Colts 2007-1 -                                       Structured Asset
Class E Notes         BB/Ba2     B+/Ba2   3/20/2021     Investors      2.9%
----------------------------------------------------------------------------
Octagon XI CLO
2007-1A Income                                        Octagon Credit
Notes                 NR/NR      NR/NR    8/25/2021     Investors      2.8%
----------------------------------------------------------------------------
Hillmark Funding
Ltd. 2006-1A Sub                                     HillMark Capital
Notes                 NR/NR      NR/NR    5/21/2021     Management     2.1%
----------------------------------------------------------------------------
Lightpoint CLO VII,                                     LightPoint
Ltd. 2007-7X Sub                                         Capital
Notes                 NR/NR      NR/NR    5/15/2021     Management     2.1%
----------------------------------------------------------------------------
Canaras Summit CLO
2007-1 - Income                                          Canaras
Notes                 NR/NR      NR/NR    6/19/2021     Management     2.1%
----------------------------------------------------------------------------
                                                      Black Diamond
GSC VIII - Class D                                       Capital
Notes                 BB/Ba2     B+/B1    4/17/2021     Management     1.9%
----------------------------------------------------------------------------
Rampart CLO 2007-1A                                  Stone Tower Debt
Sub Notes             NR/NR      NR/NR    10/25/2021     Advisors      1.8%
----------------------------------------------------------------------------
Gale Force 4 CLO                                      GSO/Blackstone
2007-4A Income                                          Debt Funds
Notes                 NR/NR      NR/NR    8/20/2021     Management     1.6%
----------------------------------------------------------------------------
PPM Grayhawk CLO
2007 - Class D
Notes                 BB/Ba2    CCC+/Ba3  4/18/2021    PPM America     1.6%
----------------------------------------------------------------------------
                                                       CypressTree
Hewett's Island CLO                                     Investment
V - Class E Notes     BB/Ba2    CCC-/B1   12/5/2018     Management     1.6%
----------------------------------------------------------------------------
Cent CDO 15 - Class                                    RiverSource
D Notes               BB/Ba2     BB/Ba3   3/11/2021    Investments     1.5%
----------------------------------------------------------------------------
Hewett's Island CLO                                     LCM Asset
IV - Class E Notes    BB/Ba2    CCC+/Ba3   5/9/2018     Management     1.4%
----------------------------------------------------------------------------
Canaras Summit CLO
2007-1 - Class E                                         Canaras
Notes                 BB/Ba2     B+/Ba3   6/19/2021     Management     0.7%
----------------------------------------------------------------------------
Cash                                                                   3.9%

Source: Bloomberg L.P. ("Bloomberg"), Standard & Poor's Ratings Services ("S&P"), and Moody's Investors Service, Inc. ("Moody's")
NR - Not Rated.
* Ratings are current as of October 23, 2012
** NAV % adds up to less than 100% due to other assets on the balance sheet.

Investment Composition

The investments held by the CLO vehicles were primarily in companies domiciled in the United States (approximately 94%(1)). The top 10 aggregate industry exposures of the CLO vehicles accounted for approximately 56%(1) of combined investments while the top 10 aggregate single obligor investments accounted for approximately 3.3%(1) (please refer to the following two tables). This results in a weighted average diversity score of 67(2) for our portfolio (which we believe is broadly comparable to industry diversity scores for other similar CLO vehicles).


Top Ten Industry Exposures*(3)        Ten Largest U.S. Debt Securities(3)
------------------------------------- --------------------------------------
Healthcare, Education &               Univision Communications Inc -
Childcare                       11.6% TL                               0.50%
------------------------------------- --------------------------------------
Broadcasting and Entertainment   8.0% Asurion LLC - TL                 0.42%
------------------------------------- --------------------------------------
Telecommunications               5.5% Cequel Communications - TL       0.34%
------------------------------------- --------------------------------------
Diversified/Conglomerate
Services                         5.4% Charter Communications - TL C    0.34%
------------------------------------- --------------------------------------
Retail Stores                    5.0% Onex Carestream Finance LP - TL  0.31%
------------------------------------- --------------------------------------
Chemicals, Plastics & Rubber     4.8% HCA - TL B3                      0.30%
------------------------------------- --------------------------------------
Electronics                      4.6% KAR Auction Services - TL        0.30%
------------------------------------- --------------------------------------
Automobile                       3.9% Transdigm Inc - TL               0.27%
------------------------------------- --------------------------------------
Finance                          3.9% CHS Extended TL                  0.27%
------------------------------------- --------------------------------------
Personal, Food & Misc. Services  3.4% Crown Castle TL                  0.27%
------------------------------------- --------------------------------------
Total                           56.1% Total                            3.32%

Source: Intex Source: Intex
* Reflects industry classifications established by Moody's.

CLO Compliance

As of September 30, 2012, each of the CLO vehicles was in material compliance with all of its respective collateral and coverage tests that were necessary for full payments to be made to the Company by each CLO vehicle.(4) The current weighted average over-collateralization ("OC") cushion for the Company's CLO equity and debt investments was approximately 2.5% and 5.5%, respectively, as of September 30, 2012 (compared to 2.4% and 5.5%, respectively, as of June 30, 2012). As long as each CLO vehicle maintains a positive OC cushion with respect to the OC test associated with that CLO investment, a full payment is expected to be made to the Company.(5)

CLO Credit Quality

The current weighted average percentage of defaulted securities held by the CLOs (as reported by each CLO) was approximately 0.9% as of September 30, 2012 (compared to 1.0% as of June 30, 2012). The CLO vehicles which the Company has invested in have a weighted average WARF score (Weighted Average Rating Factor) of 2545 (compared to 2509 as of June 30, 2012) which is equivalent to a Moody's credit rating of between B1 and B2 (see ratings charts below), based on a ratings factor scale provided by Moody's. We believe the weighted average WARF score of our portfolio is broadly comparable to industry WARF scores for other similar CLO vehicles.

Company Profitability

The Company received or was entitled to receive cash interest payments of approximately $660k and equity distributions of approximately $3.2mm from its junior debt and equity tranche investments, respectively, for the quarter ending September 30, 2012. These payments represented a quarterly cash return of approximately 1.5% and 8.3% of the junior debt and equity tranche investments at market value (as of September 30, 2012), respectively, and on a combined basis, represented a quarterly cash return of approximately 4.7% of the Company's total portfolio at market value (as of September 30, 2012). For the quarter ending September 30, 2012 the Company received a full payment from each CLO vehicle (see table below).


                                                                      % NAV
----------------------------------------------------------------------------
Distributions paid by the CLOs for the 3-months ending 9/30/12        100.0%
----------------------------------------------------------------------------
Distributions diverted for 3-months ending 9/30/12                     0.0%
----------------------------------------------------------------------------

The approximate weighted average WAS (Weighted Average Spread above LIBOR) for the CLO vehicles in which the Company has an equity investment was 4.0% and the approximate weighted averaged WACC (Weighted Average Cost of Capital above LIBOR) was 0.7%, resulting in approximately a 3.3% margin (before CLO vehicle expenses) as of September 30, 2012 (compared to a weighted average WAS and WACC of 3.8% and 0.7%, respectively, as of June 30, 2012). The weighted average reinvestment end date for the Company's equity positions was 6/2/14 (with a final legal weighted average maturity date of 6/3/21) which potentially allows on a weighted average basis for approximately 1.75 more years of full equity distribution payments followed by up to approximately 6.75 years of decreasing distribution payments to the Company, subject to CLO covenant compliance. During the quarter ending September 30, 2012, the Company received a weighted average cash distribution payment on its equity portfolio of approximately 8.3% (of par) with a price markup of approximately 15.4% (of par) from the prior quarter-end valuations (see table below).(6)


                                                              Price Change
                                             Payments in Q2   from 6/30/12
                                   Stated        as a %     Mark or Purchase
Equity Investments                Maturity*      of par*          Price
----------------------------------------------------------------------------
ACA CLO 2007-1 - Sub Notes        6/15/2022       8.4%            9.0%
----------------------------------------------------------------------------
Canaras Summit CLO 2007-1 -
Income Notes                      6/19/2021       10.9%           30.0%
----------------------------------------------------------------------------
Carlyle GMS CLO 2011-1 - Sub
Notes                             8/10/2021       6.5%            21.0%
----------------------------------------------------------------------------
Gale Force 4 CLO 2007-4A Income
Notes                             8/20/2021       7.9%            17.0%
----------------------------------------------------------------------------
Harbourview CLO 2006-1 Sub Notes 12/27/2019       8.3%            13.3%
----------------------------------------------------------------------------
Hillmark Funding Ltd. 2006-1A
Sub Notes                         5/21/2021       8.8%            6.0%
----------------------------------------------------------------------------
Jersey Street CLO Income Notes   10/20/2018       8.3%            25.0%
----------------------------------------------------------------------------
Kingsland IV, Ltd. 2007-4A Sub
Notes                             4/16/2021       8.7%            15.0%
----------------------------------------------------------------------------
Lightpoint CLO VII, Ltd. 2007-7X
Sub Notes                         5/15/2021       9.2%            7.5%
----------------------------------------------------------------------------
Octagon XI CLO 2007-1A Income
Notes                             8/25/2021       9.8%            27.5%
----------------------------------------------------------------------------
Rampart CLO 2007-1A Sub Notes    10/25/2021       9.1%            21.0%
----------------------------------------------------------------------------
 Weighted Average                 6/3/2021        8.3%            15.4%

* Source: Bloomberg

Oxford Lane Capital Corp.

Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It currently seeks to achieve its investment objective of maximizing total return by investing in securitization vehicles which, in turn, primarily invest in senior secured loans made to companies whose debt is unrated or is rated below investment grade.

Forward-Looking Statements

This 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. 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.

Disclaimer

This document has been prepared by Oxford Lane Capital Corp. and is the sole responsibility of the Company. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the Company or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. The Company has relied on certain information provided from Intex, Bloomberg, S&P and Moody's but makes no representation with respect to the accuracy of such information provided by Intex, Bloomberg, S&P or Moody's. Neither the Company nor any of its respective Agents makes or has been authorized to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this document, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this document and nothing in this document is or should be relied on as a promise or representation as to the future.

(1) These percentages are based on the amount of CLO vehicles' underlying assets on a weighted average basis, without regard to the amount of the Company's investments in these CLO vehicles.

(2) Source: Intex Solutions, Inc. ("Intex").

(3) These percentages for each of the respective tables above are calculated by taking the aggregate amount invested in the industries or debt securities and dividing by the aggregate amount of all of the CLO vehicles' underlying assets (excluding cash), without regard to the amount of the Company's investments in each of these CLO vehicles.

(4) The CLO vehicles' indentures have a variety of covenant tests which those CLO vehicles may not be in compliance with in the future should credit markets deteriorate, the loans held by the CLO vehicles fail to make expected payments or otherwise not perform, or for a variety of other reasons. If those covenants are violated, it could result in principal paydowns of the CLO vehicles' higher-rated notes and/or interest diversion which may result in partial or non-payment of the quarterly amounts otherwise due to the Company.

(5) Although we expect each of our current CLO equity and debt investments to maintain a positive OC cushion through maturity, there can be no assurance that such OC cushions will not be reduced to zero (or the CLO vehicle will not be in violation of the OC tests), either as a result of a deterioration in general economic conditions or other factors specific to the industries or specific companies in which such CLOs have invested. If that were to occur, our ability to receive payments on such CLO investments could be impaired, and we may lose a portion or all of our investment in such CLOs.

(6) All calculations in the above paragraph are based on par value.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2144092
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2144114

Contact:

Bruce Rubin
203-983-5280

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...