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OFS Credit prices preferred stock offering

OFS Credit Co. Inc, priced an underwritten public offering of 800,000 shares of 6.875% series A term preferred stock due 2024 at a public offering price of $25.00 per share.

The Chicago-based investment company is looking to raise $20 million in gross proceeds.

Underwriters have a 30-day option to buy up to an additional 120,000 preferred shares on the same terms and conditions to cover any overallotments.

The closing of the transaction is subject to customary closing conditions. The shares are expected to be delivered March 25.

OFS Credit intends to use the net proceeds to purchase investments and for general working capital purposes.

Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Incapital LLC and National Securities Corp. are acting as joint book-running managers for the offering. Newbridge Securities Corp. is acting as co-manager.