CLO owner OFS Credit Company (OCCI) has announced they will be selling a new issue of term preferred stock.
The company has 2 other issues outstanding which can be seen here. The company has stated they may redeem all or a portion of the series A 6.875% term preferred (OCCIP) with the proceeds of the new issue. The OCCIP has a ‘failure to redeem’ clause in it which would raise the coupon 2% if not redeemed by 3/31/2024.
af was right on top of this one with EarlyBird chirping in yield talk in the 5.125% to 5.25% area.