PreferredStockChannel
OFS Credit Co Inc | 5.25% Series E Term Preferred Stock Due 12/31/2026 (OCCIN)

Prospectus excerpt:  We are offering 1,220,000 shares of our 5.25% Series E Term Preferred Stock, or the “Series E Term Preferred Stock.” We are required to redeem all outstanding shares of the Series E Term Preferred Stock on December 31, 2026 at a redemption price of $25 per share, or the “Liquidation Preference,” plus accumulated but unpaid dividends, if any, to, but excluding, the date of redemption. At any time on or after December 31, 2023, we may, at our sole option, redeem the outstanding shares of the Series E Term Preferred Stock at a redemption price per share equal to the Liquidation Preference plus accumulated but unpaid dividends, if any, to, but excluding, the date of redemption. In addition, if we fail to maintain asset coverage of at least 200%, we will be required to redeem shares of our outstanding preferred stock, including the Series E Term Preferred Stock, at least equal to the lesser of (1) the minimum number of shares of preferred stock that will result in us having asset coverage of at least 200% and (2) the maximum number of shares of preferred stock that can be redeemed out of funds legally available for such redemption. We intend to pay monthly dividends on the Series E Term Preferred Stock at an annual rate of 5.25% of the Liquidation Preference, or $1.3125 per share per year, beginning on December 31, 2021. The Series E Term Preferred Stock will rank senior in right of payment to our common stock and will rank equally in right of payment with our 6.875% Series A Term Preferred Stock due 2024 (the “Series A Term Preferred Stock”), our 6.60% Series B Term Preferred Stock due 2023 (the “Series B Term Preferred Stock”), our 6.125% Series C Term Preferred Stock due 2026 (the “Series C Term Preferred Stock”), our 6.00% Series D Term Preferred Stock due 2026 (the “Series D Term Preferred Stock”) and any shares of preferred stock we may issue in the future. Each holder of the Series E Term Preferred Stock will be entitled to one vote for each share held on any matter submitted to a vote of our stockholders, and the holders of all of our outstanding preferred stock and common stock will generally vote together as a single class. The holders of shares of the Series E Term Preferred Stock (and any additional series of preferred stock we may issue in the future) are entitled as a class to elect two of our directors and, if dividends on any outstanding shares of our preferred stock are in arrears by two years or more, to elect a majority of our directors.

Full Prospectus PDF », Secondary Prospectus PDF », OCCI Page »

Series:E
Redeemable?:Yes
Call Date:12/31/2023 (Now Trading Post Call Date)
Maturity Date:12/31/2026
Cumulative?:Yes
Shares Offered:1,220,000
Overallotment:180,000
Liquidation Preference:$25.00
Recent Market Price:$22.86
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-2.14 (-8.56%)
Annualized Dividend:1.3125
Recent Ex-Date:5/20/2024
Current Yield:5.74%
Original Coupon:5.25%
Pay Period:Monthly
CDx3 Compliance Rating: Learn OCCIN's Rating
OFS Credit Company is a non-diversified, externally managed, closed-end management investment company. Co.'s primary investment objective is to generate existing income, with a secondary objective to generate capital appreciation. Co. invests its assets in floating rate credit instruments and other structured credit investments, including: collateralized loan obligation debt and subordinated/residual tranche securities (Structured Finance Notes); traditional corporate credit investments, including leveraged loans and high yield bonds; opportunistic credit investments, including stressed and distressed credit situations and long/short credit investments; and other credit-related instruments.

Preferreds: OCCIO, OCCIN


Open the OCCI Information Page »
Name: 
OFS Credit Co Inc
Website: 
www.ofscreditcompany.com
Sector: 
Credit Services & Lending

Quotes delayed 20 minutes

Email EnvelopeFree Email Alerts:
Get Dividend Alerts
Get SEC Filing Alerts
Top Ten Highest Yielding Preferred Stocks
Feel-Good Income: Socially Responsible Preferreds
Dividend Channel's 25 S.A.F.E. Dividend Stocks
Increasing Payments For Decades

Safer than S.A.F.E: Preferreds of Dividend Channel's
S.A.F.E. Dividend Stocks

Recent Preferred Stock Offerings
Preferred Stocks of Dow Components
Preferred Stocks of S&P 500 Components
Preferred Stocks By Industry
Preferred Stocks Where Insiders Are Buying The Common
High Yield Preferred Stocks
Preferreds Trading At Premiums To Liquidation Preference
Preferreds Trading At Discounts To Liquidation Preference
The Top 10 DividendRank'ed U.S. Stocks
The Top 10 DividendRank'ed Canadian Stocks
Top 25 Broker Analyst Picks of the S&P 500
Stock market game

OFS Credit Co Inc | 5.25% Series E Term Preferred Stock Due 12/31/2026 (OCCIN) Information Page | Preferred Stock Channel | www.PreferredStockChannel.com

Copyright © 2010 - 2024, All Rights Reserved Nothing in Preferred Stock Channel is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy. Video widget and videos powered by Market News Video. Quote data delayed at least 20 minutes; data powered by Ticker Technologies, and Mergent. Contact Preferred Stock Channel; Meet Our Editorial Staff.