Asset management company OFS Credit (NASDAQ:OCCI), which is organized as a closed end fund will be selling a Term Preferred (preferred stock with a mandatory redemption date) stock issue. The issue will pay a monthly dividend.
The company just came public in October by selling 2.5 million shares at $20/share. The company will invest in primarily CLOs (collateralized loan obligations) so it will be essential to peruse their financials. For those interested in a similar company it could be compared to Eagle Point Credit (NASDAQ:ECC), which is a holder of similar assets.
The company is required to have a asset coverage ratio of 200% which always provides some level of safety, although since the company is newly formed their history is non-existent.
No ticker–either permanent or OTC Grey Market have yet been released.
NOTE–this is NOT the BDC OFS Capital but is a related company.