OFS Credit Company Provides August 2021 Net Asset Value Update

Rhea-AI Summary

OFS Credit Company, Inc. (NASDAQ: OCCI) announced its net asset value (NAV) estimate for common stock as of August 31, 2021, ranging from $14.10 to $14.20. This estimate is preliminary and not subject to typical financial closing procedures. The ongoing COVID-19 pandemic introduces significant risks that could materially affect the company's investments and financial performance. The unaudited preliminary data has not been reviewed by KPMG LLP, and actual results may differ significantly when reported in the Annual Report.

Positive

• Management's NAV estimate indicates a stable valuation range, providing a baseline for investors.

Negative

• COVID-19 presents material risks affecting the underlying value of investments, potentially harming financial performance and net investment income.
• Preliminary NAV is unaudited, indicating potential discrepancies with the future official reporting.

CHICAGO--(BUSINESS WIRE)-- OFS Credit Company, Inc. (NASDAQ: OCCI) (“OFS Credit,” the “Company,” “we,” “us” or “our”), an investment company that primarily invests in collateralized loan obligation (“CLO”) equity and debt securities, today announced the following net asset value (“NAV”) estimate as of August 31, 2021.

• Management’s unaudited estimate of the range of our NAV per share of our common stock as of August 31, 2021 is between $14.10 and $14.20. This estimate is not a comprehensive statement of our financial condition or results for the month ended August 31, 2021. This estimate did not undergo the Company’s typical quarter-end financial closing procedures and was not approved by the Company’s board of directors. We advise you that our NAV per share as of October 31, 2021, which will be reported in our Annual Report on Form N-CSR, may differ materially from this estimate.

We believe that the COVID-19 pandemic presents material uncertainty and risks with respect to the underlying value of the Company’s investments, financial condition, results of operations and cash flows. Further, the operational and financial performance of the Company has been, and may continue to be, significantly impacted by the COVID-19 pandemic, which in turn has, and may continue to have, an impact on the valuation of the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be materially impacted after August 31, 2021 by circumstances and events that are not yet known. To the extent the Company’s portfolio investments are further adversely impacted by the effects of the COVID-19 pandemic, the Company may experience a material adverse impact on its future net investment income, the fair value of its portfolio investments, its financial condition and the financial condition of its portfolio investments.

The preliminary financial data included in this press release has been prepared by, and is the responsibility of, OFS Credit’s management. KPMG LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, KPMG LLP does not express an opinion or any other form of assurance with respect thereto.

About OFS Credit Company, Inc.

OFS Credit is a non-diversified, externally managed closed-end management investment company. The Company’s investment objective is to generate current income, with a secondary objective to generate capital appreciation primarily through investment in CLO debt and subordinated securities. The Company's investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 1940¹, as amended, and headquartered in Chicago, Illinois with additional offices in New York and Los Angeles.

Forward-Looking Statements

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements. 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 well as the impact of the global COVID-19 pandemic and related changes in base interest rates, inflation rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. 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.

¹ Registration does not imply a certain level of skill or training

View source version on businesswire.com: https://www.businesswire.com/news/home/20210917005518/en/

INVESTOR RELATIONS:

OFS Credit Company, Inc.

Steve Altebrando, 646-652-8473

saltebrando@ofsmanagement.com



MEDIA RELATIONS:

Bill Mendel

212-397-1030

bill@mendelcommunications.com

Source: OFS Credit Company, Inc.

FAQ

What is the NAV estimate for OCCI as of August 31, 2021?

The NAV estimate for OCCI is between $14.10 and $14.20.

How has COVID-19 impacted OCCI's financial performance?

COVID-19 introduces significant risks that may adversely affect OCCI's investments and financial results.

Is the NAV estimate for OCCI audited?

No, the NAV estimate has not been audited or reviewed by KPMG LLP.

When will OCCI release its official NAV?

OCCI is expected to report its official NAV in the Annual Report on Form N-CSR for October 31, 2021.