By James McCandless
San Antonio, March 19 – OFS Credit Co., Inc. priced $20 million of $25-par series A term preferred stock due 2024 at par with a dividend of 6.875%, according to a press release.
There is a $3 million greenshoe.
The deal was announced on Monday.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Incapital LLC and National Securities Corp. are the joint bookrunners.
OFS plans to use the proceeds to acquire investments in accordance with its investment objectives and strategies and for general working capital purposes.
The company plans to list the preferreds on the Nasdaq Capital Market under the symbol “OCCIP.”
OFS is a Chicago-based non-diversified, closed-end management investment company.
| Issuer: | OFS Credit Co., Inc.
|
| Description: | Series A term preferred stock
|
| Amount: | $20 million, or 800,000 shares
|
| Greenshoe: | $3 million, or 120,000 shares
|
| Maturity: | 2024
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Incapital LLC and National Securities Corp.
|
| Co-manager: | Newbridge Securities Corp.
|
| Dividend: | 6.875%
|
| Price: | Par of $25.00
|
| Yield: | 6.875%
|
| Pricing date: | March 19
|
| Settlement date: | March 25
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: OCCIP
|
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