Chicago, Dec. 1 – OFS Credit Co., Inc. priced a public offering on Wednesday for 1.22 million shares of $25-par 5.25% series E term preferred stock due 2026, according to a press release and a 424B5 filing with the Securities and Exchange Commission.
The sale raised gross proceeds of $30.5 million.
The company has granted the initial purchasers a 30-day option to purchase another 180,000 shares.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and InspereX LLC are the underwriters of the offering.
The company intends to list the series E preferred stock on the Nasdaq Capital Market under the trading symbol “OCCIN.”
The company said it intends to use proceeds to acquire investments according to its investment objectives and strategies and for general working capital purposes.
The company said it may also use proceeds to redeem all or a portion of its outstanding 6.875% series A term preferred stock due 2024.
OFS Credit is a non-diversified, externally managed closed-end management investment company based in Chicago.
| Issuer: | OFS Credit Co., Inc.
|
| Issue: | Series E term preferred stock
|
| Amount: | $30.5 million, or 1.22 million shares
|
| Greenshoe: | $4.5 million, or 180,000 shares
|
| Maturity: | 2026
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and InspereX LLC
|
| Counsel to issuer: | Eversheds Sutherland (US) LLP
|
| Dividend: | 5.25%
|
| Price: | Par of $25.00
|
| Yield: | 5.25%
|
| Trade date: | Dec. 1
|
| Settlement date: | Dec. 8
|
| Distribution: | SEC registered
|
| Symbol: | Nasdaq: OCCIN
|
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