OFS Credit Company Prices Term Preferred

OFS Credit Company (OCCI) has priced the previously announced term preferred stock issue.

The issue has been priced at 5.25%. They are selling 1.22 million shares, plus another 180,000 available for over-allotments.

The shares will have a mandatory redemption in 2026.

The permanent ticker will be OCCIN when it begins to trade on the NASDAQ.

The SEC detailed pricing term sheet has NOT been filed as of now. I will update this when the filing is made.

Here is the company press release.

6 thoughts on “OFS Credit Company Prices Term Preferred”

  1. Which do you like best, occin @ 24.8 or occio @ 25.55?

    I like both, I don’t know why, can’t decide whether to keep both or only one.

    Or neither?

  2. it does not look like they have obtained a CUSIP for this yet. (which is odd)
    but an educated guess is that it will be 67103B803.

  3. Update on OCCIP – Although this prospectus says “We may also use the net proceeds from this offering to redeem all or a portion of our outstanding Series A Term Preferred Stock. We currently anticipate being able to deploy the proceeds from this offering within three months after the completion of any sale pursuant to this offering….” OCCI had on Nov 11 issued an N-23C-2 notice stating, “The Company intends for the securities [OCCIP] to be called or redeemed no earlier than on the following date (the “Redemption Date”):

    December 10, 2021, but no later than December 25, 2021.

    “Such a voluntary redemption will be contingent upon the Company’s successful completion of a public offering of securities,” which contingency has now been fulfilled…. Most likely that means call will be on the earlier of the date range. QOL says it IS slated for 12/10

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