OFS Credit Co. Inc. said it initial public offering of 2.5 million common shares was priced at $20.00 per share, raising gross proceeds to the company of $50 million.

The company also granted the underwriters a 30-day option to purchase up to an additional 375,000 shares to cover overallotments, if any.

OFS Credit, a newly organized closed-end investment company, plans to primarily invest in equity tranches of collateralized loan obligations that are collateralized by portfolios consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

Shares of the company are expected to trade on the Nasdaq Capital Market under the symbol OCCI.

The offering is subject to closing conditions and expected to close Oct. 10.

Ladenburg Thalmann & Co. Inc., B. Riley FBR and National Securities Corp. are joint book-running managers for the offering. Maxim Group LLC and Newbridge Securities Corp. are acting as co-managers.