It has been announced that the issue will trade with the symbol of OCCIP on the OTC Grey market. This is the same symbol that the permanent ticker is supposed to be. Never had that before but it is what FINRA has announced.
CLO (collateralized loan obligation) owner OFS Credit (NASDAQ:OCCI) has priced their new issue of term preferred stock.
The company will sell 800,000 shares with a coupon of 6.875%. There are also 120,000 shares available for over allotments. The shares will have a mandatory redemption date on 3/31/2024. Early optional redemption will be available to the company starting 3/31/2021.
The company will pay monthly dividends on the shares.
The shares will trade on the NASDAQ under ticker OCCIP. A OTC Grey market ticker has not yet been announced–although we would expect one to be announced today.
Of course this is an unrated issue.
OFS Credit is organized as a closed end fund and thus must follow asset coverage ratios on senior securities of 200% or more.