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OFS Credit completes rights offering

OFS Credit Company Inc. said its rights offering expired Aug. 27, and that the offering was expected to result in the issuance of 556,033 additional common shares.

The company issued nontransferable rights for shareholders to subscribe up to 1,254,000 common shares. Stockholders of record as of July 31 received one nontransferable right for each common share they own. The rights allow each holder to purchase an additional common share for every two rights held. Affiliates of investment adviser OFS Capital Management LLC, which own roughly 13% of OFS Credit's common shares, fully exercised the rights issued to them in the offering.

Estimated net proceeds from the offering are valued at around $8.9 million, before expenses, and the subscription price for the offering was $16.50 per share. OFS Credit plans to use the proceeds to acquire investments and for general working capital purposes.

Ladenburg Thalmann & Co. Inc. was the dealer manager of the offering.