XFLT Plans 25% Tender Offer, Bulldog Backs King Street in Proxy Fight
XFLT sits 18% above its 52-week low of $14.925.
Summary
XFLT announced a multi-tier tender offer to repurchase up to 25% of outstanding shares—an initial 12.5% plus two contingent offers of 7.5% and 5%—providing immediate liquidity to shareholders. The plan is part of an agreement with activist Bulldog Investors, who will now vote FOR the King Street sub-advisory proposal and enter a two-year standstill. This follows weeks of heated proxy filings where the board and Octagon traded allegations over CLO defaults and adviser competence. The tender offer directly addresses the persistent discount to NAV and gives shareholders a concrete exit, while Bulldog's support strengthens the board's hand ahead of the shareholder vote. The size and structure of the buyback signal serious commitment to closing the discount and resolving the governance battle.
At the time of this announcement, XFLT was trading at $17.57 on NYSE in the Finance sector, with a market capitalization of approximately $267.6M. The 52-week trading range was $14.93 to $28.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.