Chicago, March 27 – Eagle Point Income Co. Inc. priced $30.5 million of 8% series C term preferred stock due 2029 (Egan-Jones: BBB), according to a press release.
The deal includes a 30-day greenshoe for another 183,000 $25-par shares.
At a certain point, the shares may be redeemed early at par plus accrued dividends.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Piper Sandler Co. are the joint bookrunners with InspereX LLC and Wedbush Securities Inc. as lead managers.
Eagle Point intends to list the preferreds on the New York Stock Exchange under the ticker symbol “EICC.”
Proceeds will be used to acquire investments and for general working capital purposes, including making distributions to stockholders and/or repaying outstanding debt.
The externally managed non-diversified closed-end management investment company is based in Greenwich, Conn.
| Issuer: | Eagle Point Income Co. Inc.
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| Amount: | $30.5 million
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| Greenshoe: | $4,575,000
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| Issue: | Series C preferred stock
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| Maturity: | 2029
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| Bookrunners: | Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Piper Sandler Co.
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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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| Dividend: | 8%
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| Price: | Par of $25.00
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| Yield: | 8%
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| Call: | At a certain point at par plus accrued dividends
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| Trade date: | March 27
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| Settlement date: | April 3
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| Ratings: | Egan-Jones: BBB
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| Distribution: | SEC registered
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| Stock symbol: | NYSE: EICC
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