Chicago, July 20 – Eagle Point Income Co. Inc. priced $28.26 million of 7.75% series B term preferred stock due 2028 (Egan-Jones: BBB), according to a press release.
The underwriters have a 30-day option to purchase another 169,575 shares.
The $25-par shares will result in $27.1 million of proceeds to the company.
After a certain point, the shares will be redeemable by the company at their liquidation preference plus any unpaid dividends.
Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc. are the joint bookrunners.
Proceeds will be used in accordance with the company’s investment objectives and strategies and for general working capital purposes, including, as applicable, making distributions to stockholders and/or repaying any outstanding debt.
Eagle Point intends to list the preferreds on the New York Stock Exchange under the ticker symbol “EICB.”
The externally managed non-diversified closed-end management investment company is based in Greenwich, Conn.
| Issuer: | Eagle Point Income Co. Inc.
|
| Amount: | $28,262,500, 1,130,500 shares
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| Greenshoe: | 169,575 shares
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| Issue: | Series B preferred stock
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| Maturity: | 2028
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| Bookrunners: | Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc.
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| Co-managers: | InspereX LLC and Wedbush Securities Inc.
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| Counsel to issuer: | Dechert LLP
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| Counsel to underwriters: | Duane Morris LLP
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| Coupon: | 7.75%
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| Call features: | At par at a certain point
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| Trade date: | July 20
|
| Settlement date: | July 26
|
| Ratings: | Egan-Jones: BBB
|
| Distribution: | SEC registered
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| Symbol: | NYSE: EICB
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