XFLT raises ~$25M via registered direct placement of 3.5M shares; name change to perpetual trust

XAI Octagon Floating Rate & Alternative Income Trust

Sold 3,546,854 common shares at $7.0485 per share for net proceeds of ~$25M.
Offering expected to close on or about February 5, 2024; no placement agent used.
Trust name changed from 'Term Trust' to 'Trust', reflecting perpetual structure.
Eagle Point and purchasers granted Trust irrevocable proxy to vote shares in proportion to other holders until holdings fall below 4.9%.
Proceeds to be used for investments, paying down credit facility, and working capital.

Key facts

Extracted from this filing and checked against the source text.

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

XAI Octagon Floating Rate & Alternative Income Trust entered into Purchase Agreement with the purchasers named therein valued at $7.0485 per Common Share (effective 2024-02-01).

Action: entry
Agreement: equity purchase
Counterparty: the purchasers named therein
Value: $7.0485 per Common Share
Effective: 2024-02-01

Exact text from the filing

On February 1, 2024, the XAI Octagon Floating Rate & Alternative Income Trust (formerly, XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE: XFLT) (the “Trust”) entered into a purchase agreement (the “Purchase Agreement”) between the Trust and the purchasers named therein (the “Purchasers”) in connection with the purchase and sale of common shares of beneficial interest, par value $0.01 per share, of the Trust (the “Common Shares”) in a registered direct placement (the “Offering”)

View on SEC.gov

784 material agreements filed in the last 30 days. Browse all material agreements →

XAI Octagon Floating Rate & Alternative Income Trust filing history →

Source: SEC EDGAR

accession 0001213900-24-009613

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