Oxford Lane Capital (OXLC) said Friday it has priced an underwritten public offering of 2.4 million newly designated 8.25% term preferred shares at $25 each for gross proceeds of $60 million.

The company said it granted underwriters a 30-day option to purchase up to 360,000 additional preferred shares to cover potential overallotments.

The transaction is scheduled to close on March 20, and the company plans to use net proceeds to repay outstanding debt or for general corporate purposes, Oxford Lane said.