CHICAGO--(BUSINESS WIRE)--Oct. 12, 2018--
OFS Credit Company (NASDAQ:OCCI) (“OFS Credit,” the “Company,” “we,”
“us” or “our”), an investment company that primarily invests in
collateralized loan obligation (“CLO”) equity and subordinated debt
securities, today announced that it has invested in the equity tranches
of 19 CLO vehicles, 17 of which have a reinvestment period ending in
2022 or beyond, for a total cost of $43.6 million ($53.4 million
principal amount).
OFS Credit’s initial public offering, which closed on October 10, 2018,
resulted in net proceeds of $50 million to the Company. OFS Capital
Management, LLC, investment advisor to OFS Credit, paid the sales load
and organization and offering costs associated with the initial public
offering.
“We immediately deployed a substantial amount of the proceeds from our
initial public offering into what we believe is a quality portfolio,”
said Bilal Rashid, Chief Executive Officer of OFS Credit Company. “We
believe that these initial investments, along with our investment
advisor’s waiver of the base management fee through January 2019,
support our objective of immediately generating current income for
stockholders.”
About OFS Credit Company, Inc.
OFS Credit Company, Inc. is a newly organized, 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 collateralized loan obligation (“CLO”) equity and
subordinated debt securities. The Company's investment activities are
managed by OFS Capital Management, LLC, an investment adviser registered
under the Investment Advisers Act of 1940 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, including statements relating to: management's beliefs
regarding the quality or performance of the Company’s portfolio;
expectations regarding income generation for the Company’s stockholders
through portfolio investments, fee waivers or otherwise; and other
factors may constitute forward-looking statements for purposes of the
safe harbor protection under applicable securities laws. 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181012005084/en/
Source: OFS Credit Company, Inc.
INVESTOR RELATIONS:
Steve Altebrando
646-652-8473
saltebrando@ofsmanagement.com
or
MEDIA
RELATIONS:
Bill Mendel
212-397-1030
bill@mendelcommunications.com