UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 24, 2020
OXFORD SQUARE CAPITAL CORP.
(Exact name of registrant as specified in its charter)
| Maryland | 000-50398 | 20-0188736 | ||
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
| of incorporation) | Identification No.) |
8 Sound Shore Drive, Suite 255
Greenwich, CT 06830
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (203) 983-5275
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common stock, par value $0.01 per share | OXSQ | NASDAQ Global Select Market LLC | ||
| 6.50% Notes due 2024 | OXSQL | NASDAQ Global Select Market LLC | ||
| 6.25% Notes due 2026 | OXSQZ | NASDAQ Global Select Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.02. Termination of a Material Definitive Agreement.
On March 24, 2020, Oxford Square Capital Corp. (the “Company”), which previously entered into a revolving credit facility (the "Facility") with Citibank, N.A., has repaid in full the remaining $17.1 million of outstanding borrowings under the Facility and has unilaterally terminated the Facility as of March 24, 2020 in accordance with its terms.
The Facility was secured by a pool of loans that had been sold and contributed to Oxford Square Funding 2018, LLC by the Company. Subject to certain exceptions, pricing under the Facility was based on the London interbank offered rate for an interest period equal to three months plus a spread of 2.25% per annum. Interest on the borrowings was payable quarterly in arrears. In connection with the early repayment and termination of the Facility, the Company was required to pay a prepayment fee equal to $21,413. The Facility had been scheduled to mature on June 21, 2020.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 25, 2020 | OXFORD SQUARE CAPITAL CORP. | ||
| By: | /s/ Saul B. Rosenthal | ||
| Saul B. Rosenthal | |||
| President | |||
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