UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-CSR/A
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANIES
Investment Company Act file number 811-23299
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OFS Credit Company, Inc.
(Exact name of registrant as specified in charter)
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10 South Wacker Drive, Suite 2500
Chicago, IL 60606
Chicago, IL 60606
(Address of principal executive offices)
Bilal Rashid
Chief Executive Officer
OFS Credit Company, Inc.
10 South Wacker Drive, Suite 2500
Chicago, IL 60606
Chief Executive Officer
OFS Credit Company, Inc.
10 South Wacker Drive, Suite 2500
Chicago, IL 60606
(Name and address of agent for service)
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Registrant’s telephone number, including area code: (847) 734-2000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2021
EXPLANATORY NOTE
OFS Credit Company, Inc. (the “Company”) is filing an amendment to its Annual Report on Form N-CSR for the fiscal year ended October 31, 2021, which was filed with the SEC on December 14, 2021 (the “Form N-CSR”).
The purpose of this amended Form N-CSR/A (the “Amendment”) is to include Exhibit 23.1, Exhibit 99.1 and the below supplemental information. New certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are also included.
Unaffected parts or exhibits of the Form N-CSR are not included herein. Information not affected by the Amendment remain unchanged. Furthermore, this Amendment should be read in conjunction with the Form N-CSR and any subsequent filings with the SEC.
| Exhibit Number | Description | ||||
| 23.1 | |||||
| 99.1 | |||||
SUPPLEMENTAL INFORMATION
FEES AND EXPENSES
The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly as a stockholder. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown.
| Stockholder Transaction Expenses (as a percentage of the offering price) | ||||||||
Sales load(1) | — | |||||||
Offering expenses borne by the Company(2) | — | |||||||
Distribution reinvestment plan expenses(3) | $ | 15.00 | ||||||
| Total stockholder transaction expenses | — | |||||||
| Estimated Annual Expenses (as a percentage of net assets attributable to common stock): | ||||||||
Base management fee(4) | 2.59 | % | ||||||
Incentive fees payable under our investment advisory agreement (20% of Pre-Incentive Fee Net Investment Income, subject to hurdle)(5) | 2.58 | % | ||||||
Interest payments on borrowed funds(6) | 3.70 | % | ||||||
Other expenses(7) | 2.20 | % | ||||||
Total annual expenses(8) | 11.07 | % | ||||||
(1) In the event that the securities to which this Prospectus relates are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load and the “Example” below will be updated accordingly.
(2) The prospectus supplement corresponding to each offering will disclose the applicable offering expenses and total stockholder transaction expenses as a percentage of the offering price.
(3) The expenses of the DRIP are included in “other expenses.” The plan administrator’s fees are paid by us. There are no brokerage charges or other charges to stockholders who participate in the plan except that, if a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds. See “Item 1. Report to Stockholders—Distribution Reinvestment Plan” in our Annual Report on Form N-CSR, filed on December 14, 2021.
(4) The base management fee referenced in the table above is based on actual base management fees incurred by us during the three months ended October 31, 2021, annualized for a full year, and our actual leverage and net asset
value as of October 31, 2021. We have agreed to pay the Advisor as compensation under the Investment Advisory Agreement a base management fee at an annual rate of 1.75% of our Total Equity Base, which means the NAV of shares of our common stock and the paid-in capital of our preferred stock, if any. These management fees are paid by our stockholders and are not paid by the holders of preferred stock, or the holders of any other types of securities that we may issue. See “Item 1. Report to Stockholders—Note 3 Related Party Transactions” in our Annual Report on Form N-CSR, filed on December 14, 2021.
(5) We have agreed to pay the Advisor as compensation under the Investment Advisory Agreement a quarterly incentive fee equal to 20% of our “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a quarterly preferred return, or hurdle, of 2.00% of our NAV (8.00% annualized) and a catch-up feature. Pre-Incentive Fee Net Investment Income includes accrued income that we have not yet received in cash. No incentive fee is payable to the Advisor on realized capital gains. The incentive fee is paid to the Advisor as follows:
•no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle of 2.00% of our NAV;
•100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle but is less than 2.50% of our NAV in any calendar quarter (10.00% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 2.50% of our NAV) as the “catch-up.” The “catch-up” is meant to provide the Advisor with 20% of our Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if Pre-Incentive Fee Net Investment Income meets or exceeds 2.50% of our NAV in any calendar quarter; and
•20% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.50% of our NAV in any calendar quarter (10.00% annualized) is payable to the Advisor (that is, once the hurdle is reached and the catch-up is achieved, 20% of all Pre-Incentive Fee Net Investment Income thereafter is paid to the Advisor).
The incentive fee referenced in the table above is based on actual amounts of the income component of the incentive fee incurred during the three months ended October 31, 2021, annualized for a full year. See “Item 1. Report to Stockholders—Note 3 Related Party Transactions” in our Annual Report on Form N-CSR, filed on December 14, 2021.
(6) “Interest payments on borrowed funds” represents dividends payable on our dividends payable on our $3.0 million of Series B Term Preferred Stock outstanding with a preferred rate equal to 6.6% per annum, dividends payable on our $23.0 million of Series C Term Preferred Stock outstanding with a preferred rate equal to 6.125% per annum, dividends payable on our $3.0 million of Series D Term Preferred Stock outstanding with a preferred rate equal to 6.0% per annum, and $35.0 million of Series E Term Preferred Stock outstanding with a preferred rate equal to 5.25% per annum, including underwriting discounts, commissions and offering expenses. We may incur, directly or indirectly, through one or more special purpose vehicles, indebtedness for borrowed money, as well as leverage in the form of preferred stock and other structures and instruments, in significant amounts and on terms that the Advisor and our Board deem appropriate, subject to applicable limitations under the 1940 Act. Any such borrowings do not include embedded or inherent leverage in CLO structures in which we invest or intend to invest or in derivative instruments in which we may invest.
(7) “Other expenses” referenced in the table above is based on actual amounts incurred during the three months ended October 31, 2021, annualized for a full year.
(8) “Total annual expenses” is presented as a percentage of net assets attributable to common stockholders, because the holders of shares of our common stock will bear all of our fees and expenses, all of which are included in this fee table presentation. The indirect expenses that will be associated with our CLO equity investments are not included in the fee table presentation, but if such expenses were included in the fee table presentation then our total annual expenses would have been 18.52%.
Example
The following example, required by the SEC, demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in us. In calculating the following expense amounts, we assumed we would maintain the leverage as set forth above and that our operating expenses would remain at the levels set forth in the table above.
| 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||
| You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return | $83 | $241 | $388 | $715 | ||||||||||
*The example should not be considered a representation of future returns or expenses, and actual returns and expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. The incentive fee under the Investment Advisory Agreement, assuming a 5.0% annual return, would either not be payable or would have an insignificant impact on the expense amounts shown above, and is therefore not included in the example. Also, while the example assumes reinvestment of all dividends at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the dividend payment date, which may be at, above or below net asset value. See “Item 1. Report to Stockholders—Distribution Reinvestment Plan” in our Annual Report on Form N-CSR, filed on December 14, 2021 for additional information regarding our dividend reinvestment plan.
SENIOR SECURITIES
Information about our senior securities is shown in the following table as of the fiscal years ended October 31, 2021, October 31, 2020 and October 31, 2019, respectively.
Class and Year(7) | Total Amount Outstanding(1) | Asset Coverage Per $1,000(2) | Asset Coverage Per Unit(3) | Involuntary Liquidation Preference Per Unit(4) | Average Market Value Per Unit(5) | |||||||||||||||||||||||||||
6.875% Series A Term Preferred Stock(6) | ||||||||||||||||||||||||||||||||
| October 31, 2021 | $ | 21,316,500 | 3,148 | 78.71 | $ | 25.00 | $ | 25.15 | ||||||||||||||||||||||||
| October 31, 2020 | 21,316,500 | 2,946 | 73.64 | 25.00 | 23.72 | |||||||||||||||||||||||||||
| October 31, 2019 | 21,316,500 | 3,151 | 78.78 | 25.00 | 25.46 | |||||||||||||||||||||||||||
| 6.60% Series B Term Preferred Stock | ||||||||||||||||||||||||||||||||
| October 31, 2021 | 3,000,000 | 3,148 | 78.71 | 25.00 | N/A | |||||||||||||||||||||||||||
| 6.125% Series C Term Preferred Stock | ||||||||||||||||||||||||||||||||
| October 31, 2021 | 23,000,000 | 3,148 | 78.71 | 25.00 | 25.22 | |||||||||||||||||||||||||||
| 6.00% Series D Term Preferred Stock | ||||||||||||||||||||||||||||||||
| October 31, 2021 | 3,000,000 | 3,148 | 78.71 | 25.00 | N/A | |||||||||||||||||||||||||||
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”
(3) The Asset Coverage Per Unit is expressed in terms of a ratio per share of the aggregate amount of outstanding senior securities. When expressing in terms of dollar amounts per share, the asset coverage ratio is multiplied by the involuntary liquidation preference per unit of $25.
(4) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
(5) Average market value per unit for the Series A Term Preferred Stock and Series C Term Preferred Stock represent the average of the daily closing prices as reported on the Nasdaq Capital Market during the period presented. Not
applicable to Series B Term Preferred Stock and Series D Term Preferred Stock because these senior securities are not registered for public trading.
(6) On November 10, 2021, the Company caused notices to be issued to the holders of the Series A Term Preferred Stock regarding the exercise of its option to redeem, if certain conditions were to occur, all of the issued and outstanding Series A Term Preferred Stock. On December 10, 2021, all outstanding shares of the Series A Term Preferred Stock were redeemed at 100% of their principal amount ($25 per Note), plus the accrued and unpaid dividends through December 9, 2021. The total amount of the redemption, plus accrued dividends, was $21,353,138.
(7) On December 8, 2021, the Company closed an underwritten public offering of 1,220,000 shares of Series E Term Preferred Stock at a public offering price of $25.00 per share, raising $30.5 million in gross proceeds. On December 15, 2021, the underwriters exercised their option to purchase an additional 180,000 shares of Series E Term Preferred Stock, raising an additional $4.5 million in gross proceeds.
PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS
Our common stock is traded on the Nasdaq Capital Market under the symbol “OCCI.” The following table sets forth, for each fiscal quarter during the last two fiscal years, the NAV per share of our common stock, the high and low sales prices for our common stock, such sales prices as a percentage of NAV per share and quarterly distributions per share.
NAV Per Share(1) | Price Range | Premium (Discount) of High Sales Price to NAV(2) | Premium (Discount) of Low Sales Price to NAV(2) | Distribution per Share | |||||||||||||||||||||||||||||||
| Period | High | Low | |||||||||||||||||||||||||||||||||
| Fiscal 2021 | |||||||||||||||||||||||||||||||||||
| Fourth Quarter | $ | 14.00 | $ | 14.53 | $ | 12.28 | 3.8 | % | (12.3) | % | 0.55(9) | ||||||||||||||||||||||||
| Third Quarter | $ | 14.07 | $ | 16.25 | $ | 13.14 | 15.5 | % | (6.6) | % | 0.54(8) | ||||||||||||||||||||||||
| Second Quarter | $ | 13.96 | $ | 17.63 | $ | 12.78 | 26.3 | % | (8.5) | % | 0.53(7) | ||||||||||||||||||||||||
| First Quarter | $ | 14.14 | $ | 14.60 | $ | 9.50 | 3.3 | % | (32.8) | % | 0.52(6) | ||||||||||||||||||||||||
| Fiscal 2020 | |||||||||||||||||||||||||||||||||||
| Fourth Quarter | $ | 11.58 | $ | 11.30 | $ | 7.92 | (2.4) | % | (31.6) | % | 0.52(5) | ||||||||||||||||||||||||
| Third Quarter | $ | 10.94 | $ | 11.05 | $ | 7.20 | 1.0 | % | (34.2) | % | 0.52(4) | ||||||||||||||||||||||||
| Second Quarter | $ | 9.27 | $ | 16.69 | $ | 4.90 | 80.0 | % | (47.1) | % | 0.1734(3) | ||||||||||||||||||||||||
| First Quarter | $ | 15.92 | $ | 17.40 | $ | 14.65 | 9.3 | % | (8.0) | % | 0.170(3) | ||||||||||||||||||||||||
(1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period.
(2)Calculated as the respective high or low intraday sales price divided by NAV.
(3)Represents the cash distributions payable per month in the specified quarter.
(4)This distribution was partially paid in shares of our common stock. Stockholders had until July 16, 2020 to elect whether to receive the distribution in cash (up to an aggregate maximum cash amount of 10% of the total distribution), excluding any cash paid for fractional shares, or in shares of the Company’s common stock. The distribution consisted of approximately $0.17 million in cash and 168,729 shares of common stock, or approximately 5.2% 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 10% 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 $9.00 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 15, 16 and 17, 2020.
(5)This distribution was partially paid in shares of our common stock. Stockholders had until October 15, 2020 to elect whether to receive the distribution in cash (up to an aggregate maximum cash amount of 10% of the total distribution), excluding any cash paid for fractional shares, or in shares of the Company’s common stock. The distribution consisted of approximately $0.18 million in cash and 167,105 shares of common stock, or approximately 4.9% 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 10% 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 $9.56 per share, which equaled the volume weighted average trading price per share of the Company’s common stock on the Nasdaq Capital Market on October 14, 15 and 16, 2020.
(6)This distribution was partially paid in shares of our common stock. Stockholders had until January 21, 2021 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 consisted of approximately $0.37 million in cash and 111,491 shares of common stock, or approximately 3.1% 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 $13.36 per share, which equaled the volume weighted average trading price per share of the Company’s common stock on the Nasdaq Capital Market on January 20, 21 and 22, 2021.
(7)This distribution was partially paid in shares of our common stock. Stockholders had until April 22, 2021 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 consisted of approximately $0.40 million in cash and 106,847 shares of common stock, or approximately 2.1% 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 $15.04 per share, which equaled the volume weighted average trading price per share of the Company’s common stock on the Nasdaq Capital Market on April 21, 22 and 23, 2021.
(8)This distribution was partially paid in shares of our common stock. Stockholders had until July 15, 2021 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 consisted of approximately $0.64 million in cash and 181,961 shares of common stock, or approximately 2.8% 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 $14.14 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 14, 15 and 16, 2021.
(9)This distribution was partially paid in shares of our common stock. Stockholders had until October 14, 2021 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 consisted of approximately $0.82 million in cash and 239,088 shares of common stock, or approximately 3.2% 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 $13.67 per share, which equaled the volume weighted average trading price per share of the Company's common stock on the Nasdaq Capital Market on October 13, 14 and 15, 2021.
* Not determinable at the time of filing.
STOCK PERFORMANCE GRAPH
This graph compares the return on our common stock from October 5, 2018 (the date our common stock commenced trading on the Nasdaq Capital Market) to October 31, 2021 with that of the Russell 2000 Index and the SNL U.S. RICs Index. The graph assumes that, on October 5, 2018, a person invested $100 in our common stock, the Russell 2000 Index and the SNL U.S. RICs Index. The graph measures total stockholder return, which takes into account changes in stock price and assumes reinvestment of all dividends and distributions prior to any tax effect.
| October 31, 2018 | October 31, 2019 | October 31, 2020 | October 31, 2021 | |||||||||||
| OFS Credit Company | 93.9 | 95.4 | 66.9 | 107.4 | ||||||||||
| SNL U.S. RICs | 96.4 | 108.5 | 83.6 | 141.0 | ||||||||||
| Russell 2000 | 91.8 | 96.3 | 96.2 | 145.1 | ||||||||||
SOURCE: SNL Financial LC
The graph and other information under the heading "Stock Performance Graph" is "furnished" and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filing under the Exchange Act. The stock price performance included in the above graph is not necessarily indicative of future stock price performance.
Item 13. Exhibits.
| (a)(2) | |||||
| (b) | |||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
OFS CREDIT COMPANY, INC.
| By: | /s/ Bilal Rashid | |||||||||||||
| Bilal Rashid | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| Date: December 17, 2021 | ||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Bilal Rashid | |||||||||||||
| Bilal Rashid | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| Date: December 17, 2021 | ||||||||||||||
| By: | /s/ Jeffrey A. Cerny | |||||||||||||
| Jeffrey A. Cerny | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| Date: December 17, 2021 | ||||||||||||||
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the registration statement (Nos. 333-255877 and 811-23299) on Form N-2 of OFS Credit Company, Inc. of our reports dated December 14, 2021, with respect to the financial statements and financial highlights, and dated December 16, 2021, with respect to the senior securities table, which reports appear herein.
/s/ KPMG LLP
Chicago, Illinois
December 16, 2021
Exhibit 99.1
Report of Independent Registered Public Accounting Firm on Supplemental Information
To the Shareholders and Board of Directors
OFS Credit Company, Inc.:
OFS Credit Company, Inc.:
We have audited and reported separately in the Annual Report on Form N-CSR for the fiscal year ended October 31, 2021, which was filed with the SEC on December 14, 2021, on the statement of assets and liabilities of OFS Credit Company, Inc. (the Company), including the schedule of investments, as of October 31, 2021, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended and the period from October 10, 2018 (commencement of operations) through October 31, 2018. We have not performed any procedures with respect to the audited financial statements and financial highlights subsequent to December 14, 2021.
The senior securities table included in the Form N-CSR/A, under the caption “Senior Securities” (the “Senior Securities Table”) has been subjected to audit procedures performed in conjunction with the audit of the Company’s financial statements and financial highlights. The Senior Securities Table is the responsibility of the Company’s management. Our audit procedures included determining whether the Senior Securities Table reconciles to the financial statements and financial highlights or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Senior Securities Table. In forming our opinion on the Senior Securities Table, we evaluated whether the Senior Securities Table, including its form and content, is presented in conformity with the instructions to Form N-2. In our opinion, the Senior Securities Table is fairly stated, in all material respects, in relation to the financial statements and financial highlights as a whole.
/s/ KPMG LLP
Chicago, Illinois
December 16, 2021
Exhibit 99.906CERT
Certification Under Section 906
of the Sarbanes-Oxley Act of 2002
Bilal Rashid, Chief Executive Officer, and Jeffrey A. Cerny, Chief Financial Officer of OFS Credit Company, Inc. (the “registrant”), each certify to the best of his knowledge that:
1.The registrant’s annual report on Form N-CSR/A for the year ended October 31, 2021 (the “Form N-CSR/A”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Form N-CSR/A fairly presents, in all material respects, the financial condition and results of operations of the registrant.
| By: | /s/ Bilal Rashid | By: | /s/ Jeffrey A. Cerny | |||||||||||||||||
| Bilal Rashid | Jeffrey A. Cerny | |||||||||||||||||||
| President and Chief Executive Officer | Chief Financial Officer | |||||||||||||||||||
Date: December 17, 2021
This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR/A with the Securities and Exchange Commission.
Exhibit 99.CERT
CERTIFICATIONS
(Section 302)
I, Bilal Rashid, Chief Executive Officer of the Registrant, certify that:
1. I have reviewed this report on Form N-CSR/A of OFS Credit Company, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have
a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated this 17th day of December, 2021.
| By: | /s/ Bilal Rashid | |||||||||||||
| Bilal Rashid | ||||||||||||||
| President and Chief Executive Officer | ||||||||||||||
Exhibit 99.CERT
CERTIFICATIONS
(Section 302)
I, Jeffrey A. Cerny, Chief Financial Officer of the Registrant, certify that:
1. I have reviewed this report on Form N-CSR/A of OFS Credit Company, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have
a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated this 17th day of December, 2021.
| By: | /s/ Jeffrey A. Cerny | |||||||||||||
| Jeffrey A. Cerny | ||||||||||||||
| Chief Financial Officer | ||||||||||||||