Eagle Point IPO proceeds slated for high-yield CLO investments

By Toni Weeks

San Luis Obispo, Calif., June 6 – Eagle Point Credit Co. LLC said it will conduct its initial public offering of shares, according to a filing with the Securities and Exchange Commission. The deal also has a 45-day over-allotment option.

The newly organized, non-diversified, externally managed, closed-end management investment company seeks to generate high current income with capital appreciation as a secondary objective by investing primarily in equity and junior debt tranches of collateralized loan obligations. The CLOs are collateralized by a diverse portfolio consisting primarily of below-investment-grade U.S. senior secured loans.

Thomas P. Majewski, Daniel W. Ko and Daniel M. Spinner are the portfolio managers.

Deutsche Bank Securities and Keefe, Bruyette & Woods are the underwriters.

Proceeds will be used to acquire investments in accordance with the company’s investment objectives and strategies.

The company expects its shares to trade on the NYSE under the symbol “ECC.”

There will be no sales load. Total annual expenses, including the management fee, have not yet been determined.

Greenwich, Conn.-based Eagle Point Credit Management is the investment adviser.

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