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 Credits 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 advisors 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 Companys 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.
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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 Companys portfolio; expectations regarding income generation for the Companys 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.