By Devika Patel
Knoxville, Tenn., Feb. 8 – OFS Capital Corp. offered further details, including the yield, spread and call details, about a $100 million sale of 4.75% five-year notes that priced at 98.906 on Friday, according to an FWP filed with the Securities and Exchange Commission.
The notes were sold at a spread of Treasuries plus 454 basis points to yield 5%.
OFS plans to use the $96,606,000 proceeds to fully or partially pay down, retire or redeem certain of its outstanding debt, which may include its 6.5% notes due 2025, its 6.375% notes due 2025 and/or the borrowings under its secured revolving credit facility with BNP Paribas.
The company has $48.5 million principal amount outstanding of 6.5% notes, approximately $50 million principal amount outstanding of 6.375% notes and approximately $32 million of debt outstanding under the BNP loan.
Goldman Sachs & Co. LLC and Truist Securities Inc. are joint bookrunning managers.
OFS is a Chicago-based non-diversified management investment company.
| Issuer: | OFS Capital Corp.
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| Description: | Senior notes
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| Amount: | $100 million
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| Maturity: | Feb. 10, 2026
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| Bookrunners: | Goldman Sachs & Co. LLC and Truist Securities Inc.
|
| Co-managers: | Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc.
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| Coupon: | 4.75%
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| Price: | 98.906
|
| Yield: | 5%
|
| Spread: | Treasuries plus 454 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Nov. 10, 2025, then a par call
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| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 10
|
| Rating: | Egan Jones: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 5% area
|
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