XAI Octagon Fling Rt & Altr In Trm Trust (NYSE: XFLT) is a closed-end and diversified management investment corporation with investment goals that seek to attract total returns, specifically on income generation solutions in several different credit cycle stages. The company recently announced its common shares public offering price according to the effective shelf registration of the Trust filed with the SEC. The Trust agreed to the sale of 3.1 million Common Shares at a consideration of about $8.50 per Common Share. Additionally, the Trust has also underwriters a thirty-day option to buy an additional 465,000 Common Shares for over-allotments coverage, if there’s any.
The Trust believes that it’ll get net proceeds from the offering before expenses. This is excluding the execution of the option of over-allotment of roughly $25.3 million. Assuming the option of over-allotment is fully exercised, the net proceeds can potentially reach roughly $29.1 million. The Trust is looking to invest its offering net proceeds with its investment policies and objectives. The close of the offering is expected to happen on July 23, 2021. However, this is subject to customary closing conditions satisfaction.
Ladenburg Thalmann % Co and B. Riley Securities Inc are going to play the roles of the offering’s joint book-running managers. Wedbush Securities Inc, Newbridge Securities, Maxim Group LLC, InspereX LLC and Aegis Capital Corp will be serving as the offering’s co-managers.
XA Investments is XAI Trust’s investment adviser. XAI is based in Chicago and was found in 2016 by XMS Capital Partners. Besides the investment advisory services this firm provides, it also offers consulting and investment fund structuring services concentrated closed-end funds designed the needs of the institutional client. The consulting and custom product build services XAI provides include fund administration and management, marketing sales, market research and development. The firm believes public investors can take advantage of the wide array of alternative investment managers and strategies across the Board.