false 0001703079 82-2305867 0001703079 2024-07-31 2024-07-31 0001703079 XFLT:CommonSharesOfBeneficialInterestMember 2024-07-31 2024-07-31 0001703079 XFLT:Sec6.50Series2026Member 2024-07-31 2024-07-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K 

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) August 1, 2024 (July 31, 2024)

 

 

 

XAI Octagon Floating Rate & Alternative Income Trust

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   811-23247   82-235867

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

321 North Clark Street, Suite 2430, Chicago, Illinois   60654
(Address of principal executive offices)   (Zip Code)

 

Registrants telephone number, including area code (312) 374-6930

 

 

(Former name or former address, if changed since last report.) 

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:  

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Shares of Beneficial Interest   XFLT   New York Stock Exchange
6.50% Series 2026
Term Preferred Shares
(Liquidation Preference $25.00)		   XFLTPRA   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

☐ Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 3.02. Unregistered Sale of Equity Securities

 

As previously disclosed, on June 10, 2024, XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) (the “Trust”) entered into a purchase agreement (the “Purchase Agreement”) between the Trust, Eagle Point Credit Management LLC and the purchasers named therein (the “Purchasers”), in connection with the issuance and sale of up to 1,800,000 shares of the Trust’s 6.95% Series II 2029 Convertible Preferred Shares, liquidation preference of $25.00 (the “Series II 2029 Convertible Preferred Shares”), at a price equal to $23.25 per Series II 2029 Convertible Preferred Share, in one or more transactions exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 on or before December 10, 2025.

 

On July 31, 2024, the Trust issued and sold to the Purchasers 400,000 Series II 2029 Convertible Preferred Shares. The Trust received net proceeds (before expenses) of approximately $9.3 million.

 

Immediately after giving effect to the issuance and sale of Series II 2029 Convertible Preferred Shares on July 31, 2024, the Trust has issued and outstanding 800,000 Series II 2029 Convertible Preferred Shares.

 

For a description of the Series II 2029 Convertible Preferred Shares see the Trust’s Form 8-K filed on June 14, 2024 and the full text of the Statement of Preferences of Term Preferred Shares filed therewith as Exhibit 3.1. A copy of the Purchase Agreement was filed as Exhibit 10.1 to the Trust’s Form 8-K filed on June 14, 2024.

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  XAI OCTAGON FLOATING RATE & ALTERNATIVE INCOME TRUST
     
Date: August 1, 2024 By:

/s/ Benjamin D. McCulloch

  Name: Benjamin D. McCulloch
  Title: Secretary and Chief Legal Officer

 

 

2

 

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Cover
Jul. 31, 2024
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 31, 2024
Entity File Number 811-23247
Entity Registrant Name XAI Octagon Floating Rate & Alternative Income Trust
Entity Central Index Key 0001703079
Entity Tax Identification Number 82-2305867
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 321 North Clark Street
Entity Address, Address Line Two Suite 2430
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60654
City Area Code 312
Local Phone Number 374-6930
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Shares of Beneficial Interest  
Title of 12(b) Security Common Shares of Beneficial Interest
Trading Symbol XFLT
Security Exchange Name NYSE
6.50% Series 2026  
Title of 12(b) Security 6.50% Series 2026
Trading Symbol XFLTPRA
Security Exchange Name NYSE
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