Eagle Point greenshoe ups 7.75% preferreds due 2028 to $110.22 million

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – Underwriters for Eagle Point Income Co. Inc.’s 7.75% series B term preferred stock due 2028 fully excised their $4,239,375, or 169,575 share greenshoe, lifting the total size of the deal to $110,223,750, according to an 8-K filing with the Securities and Exchange Commission.

The company priced an initial $28.26 million of the preferreds (Egan-Jones: BBB) on July 28, as previously reported.

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.

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