OFS Capital Corporation - 6.50%
OFSSZ
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- OFS Capital Corporation (NASDAQ: OFS) is an externally managed, closed-end, non-diversified business development company (BDC) that generates current income and capital appreciation primarily through debt and, to a lesser extent, minority equity investments in U.S.-based middle-market companies. The company specializes in senior secured loans, including first-lien, second-lien, and unitranche loans; subordinated/mezzanine debt; warrants; preferred equity securities; and common equity securities, typically targeting firms with $5 million to $50 million in annual EBITDA, $15 million to $300 million in revenue, and enterprise values between $10 million and $500 million. These investments support recapitalizations, refinancings, management and leveraged buyouts, acquisition financings, ownership transitions, shareholder liquidity events, growth capital, independent sponsor transactions, and employee stock ownership plans (ESOPs) across diverse sectors such as aerospace and defense, business services, consumer products, construction, healthcare, food and beverage, transportation, and manufacturing. Founded in 2001 and headquartered in Chicago, Illinois, with additional offices in New York and Los Angeles, OFS Capital operates exclusively in the United States, serving lower middle-market borrowers backed by private equity sponsors, banks, and intermediaries. In recent developments, OFS Capital issued $69 million of 7.50% unsecured notes due July 2028 and a $25 million 8.00% unsecured note due August 2029 through private placements, using proceeds for a leverage-neutral refinancing that included the redemption of $94 million of lower-yielding 4.75% notes due 2026. The company also redeemed an additional $25 million of its 4.75% notes due 2026 in August 2025, strengthening its balance sheet while maintaining regulatory asset coverage of approximately 157% as of late 2024. These capital market transactions, completed in 2025, reflect ongoing portfolio management and liquidity optimization amid a dynamic credit environment, with total debt reduced to $243.4 million by mid-2025 and net investment income per share rising to $0.30 in Q4 2024. OFSSZ represents the company's 6.50% notes due October 31, 2025, traded on the Nasdaq.