Attached files
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| 8-K - CURRENT REPORT - XAI Octagon Floating Rate & Alternative Income Term Trust | s123648_8k.htm |
Exhibit 99.1
XAI Octagon Floating Rate & Alternative Income Term Trust Declares its Monthly Distribution of $0.073 per Share and Announces Principal Financial Officer Change
March 2, 2020, Chicago – XAI Octagon Floating Rate & Alternative Income Term Trust (“XFLT” or the “Trust”) has declared its regular monthly distribution of $0.073 per share on the Trust’s common shares, payable on April 1, 2020 to common shareholders of record as of March 17, 2020, as noted below. The amount of the distribution represents no change from the previous month’s distribution amount.
The following dates apply to today’s monthly distribution declaration:
| Ex-Dividend Date | March 16, 2020 | |
| Record Date | March 17, 2020 | |
| Payable Date | April 1, 2020 | |
| Amount | $0.073 per common share | |
| Change from Previous Month | No change | |
Distributions on common shares are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2020 calendar year.
On February 25, 2020, the Board of Trustees of the Trust elected Derek Mullins, Managing Partner at PINE Advisor Solutions, as the Principal Financial Officer and Treasurer of the Trust. Mr. Mullins previously served as the Director of Operations at ArrowMark Partners LLC and the Chief Financial Officer and Treasurer of Meridian Fund, Inc. Mr. Mullins brings over 24 years of operations and finance experience to the Trust. Mr. Mullins earned a B.S. in Finance from the University of Colorado, Boulder and a Master’s degree in Finance from the University of Colorado, Denver.
For further information regarding the Trust’s distributions, please visit www.xainvestments.com.
The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets (as defined in the Prospectus for the Trust) in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective. The Trust closed its initial public offering on September 27, 2017. The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT.”
About XA Investments
XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in April, 2016. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. It will partner with established asset managers with proven capabilities in alternative credit, private debt and select hedge fund strategies.
About XMS Capital Partners
XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston, London and Dublin. For more information, please visit www.xmscapital.com.
About Octagon Credit Investors
Octagon is a 20+ year old, below-investment grade corporate credit investment adviser based in New York with over $25 billion in assets under management. Octagon focuses on leveraged loans, high yield bonds and structured credit. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns to its investors. For more information, please visit www.octagoncredit.com.
About PINE Advisor Solutions
Based in Denver, PINE Advisor Solutions is a dynamic outsource solution for funds and investment managers. PINE provides institutional-quality, outsourced Chief Financial Officer (CFO), regulatory compliance, fund/advisor launch, and operations support services to private funds, mutual funds, exempt and registered investment advisers.
The firm's founders have managed the critical non-investment functions in the alternative and registered fund space and have served as Chief Financial Officers, Chief Compliance Officers and ran investment operations for both large and boutique investment firms. For more information, please visit www.pineadvisorsolutions.com.
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XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
| NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE |
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Media Contact:
Hank Hakewill, Hakewill & Associates
Phone: 847-256-5420 (office); 847-714-6561 (cell)
Email: hankhake@yahoo.com