Eagle Point to sell up to $25 million more $25-par 7.75% term preferred stock

By James McCandless

San Antonio, July 14 – Eagle Point Credit Co. Inc. plans to price up to $25 million more of its $25-par 7.75% series B term preferred stock in an at-the-market offering, according to a 497 filing with the Securities and Exchange Commission.

The deal also includes a $125 million offering of common stock.

B. Riley FBR, Inc. and National Securities Corp. are the placement agents.

Dividends are payable monthly.

The preferreds are required to be redeemed on Oct. 30, 2026 at par. Prior to that, the preferreds are redeemable after Oct. 29, 2021.

Eagle Point plans to use the proceeds to acquire investments in accordance with its investment objectives and strategies, to make distributions to its stockholders and for general working capital purposes.

The preferreds (NYSE: ECCB) were rising 33 cents on Tuesday morning to $24.51 on volume of about 1,000 shares.

Eagle Point is a Greenwich, Conn.-based closed-end debt fund.

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