XFLT raises $27.9M via 6.95% Convertible Preferred Shares due 2029

XAI Octagon Floating Rate & Alternative Income Trust

Trust issued 1,200,000 shares of 6.95% Series 2029 Convertible Preferred Shares at $23.25 per share, net proceeds ~$27.9M.
Shares have liquidation preference of $25.00, pay quarterly fixed dividend of 6.95% ($1.7375/share/year).
Mandatorily redeemable on June 30, 2029 at $25.00 plus unpaid dividends; convertible into common shares after six months.
Shares not listed on any exchange, transfer restricted; issued under Regulation D exemption.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

XAI Octagon Floating Rate & Alternative Income Trust: Adopted Appendix C to the Statement of Preferences to establish rights and preferences of Convertible Preferred Shares (effective 2023-10-06).

Change: charter amendment
Effective: 2023-10-06

Exact text from the filing

On October 6, 2023, the Trust adopted Appendix C to the Statement of Preferences of Term Preferred Shares (the “Statement of Preferences”) establishing and fixing the rights and preferences of the Convertible Preferred Shares.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

XAI Octagon Floating Rate & Alternative Income Trust entered into Convertible Preferred Shares Purchase Agreement with Eagle Point Credit Management LLC and the purchasers named therein (effective 2023-11-06).

Action: entry
Agreement: equity purchase
Counterparty: Eagle Point Credit Management LLC and the purchasers named therein
Effective: 2023-11-06

Exact text from the filing

On November 6, 2023, XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE: XFLT) (the “Trust”) entered into a purchase agreement (the “Convertible Preferred Shares Purchase Agreement”) between the Trust, Eagle Point Credit Management LLC and the purchasers named therein (the “Purchasers”), in connection with the issuance and sale of up to 1,200,000 shares of the Trust’s 6.95% Series 2029 Convertible Preferred Shares, liquidation preference of $25.00 (the “Convertible Preferred Shares”), at a price equal to $23.25 per Convertible Preferred Share, in one or more transactions exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 on or before May 6, 2025.

View on SEC.gov

244 governance changes filed in the last 30 days. Browse all governance changes →

XAI Octagon Floating Rate & Alternative Income Trust filing history →

Source: SEC EDGAR

accession 0001213900-23-084389

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.