OFS Credit Company Announces Results of Stockholder Elections for the Distribution for the Fiscal Quarter Ending July 31, 2023
21 Juillet 2023 - 10:00PM
Business Wire
OFS Credit Company, Inc. (NASDAQ: OCCI) (“OFS Credit”, the
“Company”, “we”, “us” or “our”), an investment company that
primarily invests in collateralized loan obligation (“CLO”) equity
and debt securities, today announced the results of stockholder
elections for the $0.55 per common share distribution declared by
the Company’s Board of Directors on June 1, 2023. Stockholders had
until July 18, 2023, to elect whether to receive the distribution
in cash (up to an aggregate maximum cash amount of 20% of the total
distribution), excluding any cash paid for fractional shares, or in
shares of the Company’s common stock. The distribution is payable
on July 31, 2023 to common stockholders of record as of June 14,
2023.
The distribution will consist of approximately $1.2 million in
cash and 571,340 shares of common stock, or approximately 4.7% of
the Company’s outstanding common stock prior to the distribution.
The amount of cash elected to be received was greater than the cash
limit of 20% of the aggregate distribution amount, therefore
resulting in the payment of a combination of cash and stock to
stockholders who elected to receive cash. The number of shares of
common stock comprising the stock portion was calculated based on a
price of $8.33 per share, which equaled the volume weighted average
trading price per share of the Company’s common stock on the Nasdaq
Capital Market on July 17, 18 and 19, 2023.
Stockholders who elected to receive the distribution solely in
shares of common stock and stockholders who did not make an
election will receive approximately 0.066026 shares of common stock
for each share of common stock they owned on the record date of
June 14, 2023. Holders of approximately 37% of the Company’s common
stock elected to receive only stock or did not make an
election.
Stockholders electing to receive the distribution in all cash
will receive cash in the amount of $0.175367 per common share, or
approximately 31.9% of the $0.55 distribution, and $0.374633 shares
of common stock, or approximately 68.1% of the total distribution
for each share of common stock they owned on the record date of
June 14, 2023. Cash in lieu of fractional shares will be issued, if
applicable. Total outstanding shares of the Company’s common stock
following the distribution will be approximately 12,700,830
(including shares issued under the Company’s At-the-Market offering
through July 20, 2023).
Stockholders who hold their shares through a bank, broker or
nominee and have questions regarding the distribution should
contact their bank, broker or nominee directly.
Registered stockholders with questions regarding the
distribution may call the Company's transfer agent, American Stock
Transfer & Trust Company, LLC, at (718) 765-8730.
About OFS Credit Company, Inc.
OFS Credit is a non-diversified, externally managed closed-end
management investment company. The Company’s investment objective
is to generate current income, with a secondary objective to
generate capital appreciation primarily through investment in CLO
debt and subordinated securities. The Company's investment
activities are managed by OFS Capital Management, LLC, an
investment adviser registered under the Investment Advisers Act of
19401, as amended, and headquartered in Chicago, Illinois with
additional offices in New York and Los Angeles.
Forward-Looking Statements
Statements in this press release regarding management's future
expectations, beliefs, intentions, goals, strategies, plans or
prospects may constitute forward-looking statements.
Forward-looking statements can be identified by terminology such as
“anticipate”, “believe”, “could”, “could increase the likelihood”,
“estimate”, “expect”, “intend”, “is planned”, “may”, “should”,
“will”, “will enable”, “would be expected”, “look forward”, “may
provide”, “would” or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors including
those risks, uncertainties and factors referred to in documents
that may be filed by OFS Credit from time to time with the
Securities and Exchange Commission, as well as the impact of rising
interest rates and elevated inflation rates, the ongoing war
between Russia and Ukraine, instability in the U.S. and
international banking systems, the risk of recession and related
market volatility on our business, our portfolio companies, our
industry and the global economy. As a result of such risks,
uncertainties and factors, actual results may differ materially
from any future results, performance or achievements discussed in
or implied by the forward-looking statements contained herein. OFS
Credit is providing the information in this press release as of
this date and assumes no obligations to update the information
included in this press release or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
1 Registration does not imply a certain level of skill or
training
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version on businesswire.com: https://www.businesswire.com/news/home/20230721452918/en/
INVESTOR RELATIONS: OFS Credit Company, Inc. Steve
Altebrando, 646-652-8473 saltebrando@ofsmanagement.com
MEDIA RELATIONS: Bill Mendel 212-397-1030
bill@mendelcommunications.com
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