OFS Credit Company Provides January 2023 Net Asset Value Update

Rhea-AI Summary

OFS Credit Company (NASDAQ: OCCI) announced its unaudited net asset value (NAV) estimate per share as of January 31, 2023, ranging between $10.10 and $10.20. This estimate does not reflect the comprehensive financial results for January 2023 and may differ upon final assessment in the upcoming Form N-PORT report. The Company notes potential adverse impacts on financial condition due to rising interest rates, inflation, the ongoing Russia-Ukraine conflict, and the COVID-19 pandemic. Preliminary financial data provided is not audited by KPMG LLP, thus lacking assurance on its accuracy.

Positive

• Management's estimate of NAV per share is between $10.10 and $10.20, indicating a stable valuation.

Negative

• Potential adverse impacts on financial condition due to rising interest rates and high inflation.
• Ongoing geopolitical tensions and the COVID-19 pandemic could negatively affect investment income.

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 January 31, 2023.

• Management’s unaudited estimate of the range of our NAV per share of our common stock as of January 31, 2023 is between $10.10 and $10.20. This estimate is not a comprehensive statement of our financial condition or results for the month ended January 31, 2023. This estimate did not undergo the Company’s typical quarter-end financial closing procedures. We advise you that the final determination of our NAV per share as of January 31, 2023, which will be reported in our monthly report on Form N-PORT, may differ from this estimate.

Our financial condition, including the fair value of our portfolio investments, and results of operations may be materially impacted after January 31, 2023 by circumstances and events that are not yet known. To the extent our portfolio investments are adversely impacted by rising interest rates and high inflation rates, the ongoing war between Russia and Ukraine, the continuing COVID-19 pandemic, or by other factors, we may experience a material adverse impact on our future net investment income, the underlying value of our investments, our financial condition and the financial condition of our 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 rising interest rates and high inflation rates, the ongoing war between Russia and Ukraine, the continuing impact of the COVID-19 pandemic 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/20230217005017/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 per share for OCCI as of January 31, 2023?

The NAV per share for OCCI is estimated to be between $10.10 and $10.20 as of January 31, 2023.

What factors could impact OCCI's financial condition after January 31, 2023?

Factors include rising interest rates, high inflation, the ongoing Russia-Ukraine war, and the continuing COVID-19 pandemic.

Was the NAV estimate for OCCI audited?

No, the NAV estimate was not audited by KPMG LLP and should not be considered assured.

How often does OCCI report its NAV?

OCCI plans to report its final NAV in its upcoming monthly report on Form N-PORT.

What is the investment strategy of OCCI?

OCCI primarily invests in collateralized loan obligation (CLO) equity and debt securities to generate current income and capital appreciation.