XFLT issues 400K convertible preferred shares at $23.25 and 1.45M common shares at $6.90

XAI Octagon Floating Rate & Alternative Income Trust

400,000 shares of 6.00% Series 2029 Convertible Preferred at $23.25/sh; net proceeds ~$9.3M.
Convertible preferred pay 6% fixed dividend ($1.50/sh/yr), mandatory redemption June 30, 2029.
Additional 1.45M common shares at $6.90/sh; net proceeds ~$10.0M.
Investors granted option to buy up to 800K more convertible shares by June 30, 2023, with $0.50/sh penalty if not taken.
Proceeds to invest, pay down borrowings, and for working capital.

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