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.
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