[N-23C-2] Oxford Square Capital Corp. 6.25% Notes due 2026 SEC Filing

Rhea-AI Filing Summary

Oxford Square Capital Corp. has filed an N-23C-2 notice announcing its intention to redeem a portion of its outstanding debt. On July 18, 2025, the company will redeem $10 million in aggregate principal of its 6.25% Notes due 2026 (CUSIP 69181V 305; NasdaqGS: OXSQZ). The partial call will be carried out under Article XI of the April 12, 2017 base indenture and Section 1.01(h) of the April 3, 2019 second supplemental indenture, both with U.S. Bank Trust Company as trustee. No redemption price, funding source, or remaining balance of the notes was disclosed.

Positive

• $10 million principal reduction signals proactive liability management and lowers future interest obligations on 6.25% debt.

Negative

• Early redemption triggers an immediate cash outflow and truncates income for noteholders; filing omits redemption price and funding details.

Insights

Fixed-Income Analyst

TL;DR Partial $10 M call trims 6.25% 2026 notes a year early; modestly reduces coupon burden, neutral overall impact.

Oxford Square’s notice signals early retirement of a small slice of its high-coupon debt. While a $10 million principal reduction lowers future interest expense and marginally de-risks the balance sheet, the filing lacks detail on redemption premium, funding source, or proportion of notes outstanding—key for assessing materiality. For bondholders, the call shortens income duration but provides liquidity on set terms. Given limited scope and absent financial metrics, the move appears operational, neither transformative nor distress-related.

Portfolio Manager

TL;DR Small, scheduled note call; positive for leverage trend, minor cash outflow—unlikely to move equity meaningfully.

The $10 million redemption equals only a fraction of typical BDC capital structures, suggesting Oxford Square is managing liability maturity ahead of 2026. Early calls at par (assumed from indenture language) would slightly improve net investment income by removing a 6.25% coupon but require cash deployment that might otherwise fund assets. With no disclosure of remaining note balance or cash position, investors should view this as routine capital housekeeping rather than a catalyst for valuation change.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Notice of Intention to Redeem Securities Pursuant to Rule 23c-2 

Under the Investment Company Act of 1940 

Investment Company Act file number: 814-00638

OXFORD SQUARE CAPITAL CORP.

(Name of Registrant)

8 Sound Shore Drive, Suite 255
Greenwich, CT 06830
(Address of Principal Executive Office)

The undersigned hereby notifies the Securities and Exchange Commission that it intends to redeem securities of which it is the issuer, as set forth below in accordance with the requirements of Rule 23c-2 under the Investment Company Act of 1940, as amended.

(1) Title of the class of securities of Oxford Square Capital Corp. (the “Company”) to be redeemed:

6.25% Notes due 2026 (CUSIP: 69181V 305; NasdaqGS: OXSQZ) (the “Notes”).

(2) Date on which the securities are to be redeemed:

The Notes will be redeemed on July 18, 2025 (the “Redemption Date”).

(3) Applicable provisions of the governing instrument pursuant to which the securities are to be redeemed:

The Notes are to be redeemed pursuant to (i) Article Eleven of the Company’s base indenture governing the Notes, dated as of April 12, 2017 (the “Base Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (“U.S. Bank), as trustee, as amended, and (ii) Section 1.01(h) of the Second Supplemental Indenture, dated as of April 3, 2019, between the Company and U.S. Bank, as trustee (the “Second Supplemental Indenture”).

(4) The principal amount or number of shares and the basis upon which the securities to be redeemed are to be selected:

The Company will redeem $10,000,000 in aggregate principal amount of the issued and outstanding Notes pursuant to the terms of the Base Indenture and the Second Supplemental Indenture.

SIGNATURE

Pursuant to the requirements of Rule 23c-2 under the Investment Company Act of 1940, as amended, the Company has duly caused this Notice of Intention to Redeem Securities to be signed on its behalf by the undersigned on this 18^th day of June, 2025.

	OXFORD SQUARE CAPITAL CORP.
	By:	/s/ Jonathan H. Cohen
		Name:	Jonathan H. Cohen
		Title:	Chief Executive Officer

FAQ

When will Oxford Square Capital (OXSQZ) redeem its 6.25% notes?

The company set the redemption date for July 18, 2025.

How much of the 6.25% Notes due 2026 is Oxford Square Capital redeeming?

Oxford Square will redeem $10 million in aggregate principal amount.

What are the CUSIP and Nasdaq ticker for the notes being redeemed?

The notes carry CUSIP 69181V 305 and trade under ticker OXSQZ.

Which indenture provisions authorize the redemption?

The call relies on Article XI of the April 12 2017 base indenture and Section 1.01(h) of the April 3 2019 second supplemental indenture.

Does the filing disclose the redemption price or how it will be financed?

No. The notice only states the intent to redeem and the principal amount; price and funding source are not specified.