XFLT announces private placement of convertible preferred shares raising up to $41.85M

XAI Octagon Floating Rate & Alternative Income Trust

Initial issuance of 400,000 shares at $23.25/share netting ~$9.3M on June 13, 2024.
Agreement to sell up to 1.8M 6.95% Series II 2029 Convertible Preferred Shares ($25 liquidation preference).
Total potential net proceeds of ~$41.85M if all shares sold by December 10, 2025.
Shares pay 6.95% annual dividend, convertible into common at greater of VWAP or NAV.
Mandatory redemption on December 31, 2029 at $25/share plus unpaid dividends.

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