secwatch.observer — SEC 8-K summary
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Issuer:     XAI Octagon Floating Rate & Alternative Income Trust (XFLT)
CIK:        0001703079
Form:       8-K
Filed at:   2024-06-14T23:59:59+00:00
Accession:  0001213900-24-053004
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1703079/000121390024053004/0001213900-24-053004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1703079/000121390024053004/ea0207681-01_8k.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-053004

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