OFS Credit Company to Sell New Term Preferred

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.

The preliminary prospectus can be found here.

af was right on top of this one with EarlyBird chirping in yield talk in the 5.125% to 5.25% area.

One thought on “OFS Credit Company to Sell New Term Preferred”

  1. https://finance.yahoo.com/news/ofs-credit-company-inc-prices-232300395.html

    Wed, December 1, 2021, 6:23 PM·5 min read
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    CHICAGO, December 01, 2021–(BUSINESS WIRE)–OFS Credit Company, Inc. (the “Company”) (Nasdaq: OCCI, OCCIP, OCCIO) today announced the pricing of an underwritten public offering of 1,220,000 shares of 5.25% Series E Term Preferred Stock due 2026 (the “Preferred Stock”) at a public offering price of $25.00 per share, raising $30.5 million in gross proceeds. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 180,000 shares of Preferred Stock on the same terms and conditions to cover overallotments, if any. The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on December 8, 2021.

    The Company has applied to list the Preferred Stock on the Nasdaq Capital Market under the trading symbol “OCCIN”. The Company expects the Preferred Stock to begin trading within 30 days from the original issue date.

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