By Wendy Van Sickle
Columbus, Ohio, June 10 – Eagle Point Credit Co. Inc. priced $26.5 million of 6.5% series C term preferred stock due 2031 (Eagan-Jones: BBB) pm Thursday, according to a filing with the Securities and Exchange Commission.
There is a $3.5 million over-allotment option.
The preferreds will have a $25.00 liquidation preference.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., Oppenheimer & Co. Inc., Incapital LLC and Wedbush Securities Inc. are the bookrunners.
The preferreds are expected to be listed on the New York Stock Exchange under the symbol “ECCC.”
Proceeds will be used to acquire investments and for general working capital purposes.
Eagle Point is a Greenwich, Conn.-based externally managed, non-diversified closed-end management investment company.
| Issuer: | Eagle Point Credit Co. Inc.
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| Amount: | $26.5 million, or 1.06 million shares
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| Greenshoe: | $3.5 million, or 140,000 shares
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| Issue: | Series C term preferred stock
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| Maturity: | 2031
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| Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead), B. Riley Securities, Inc., Oppenheimer & Co. Inc., Incapital LLC and Wedbush Securities Inc.
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| Dividend: | 6.5%
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| Price: | Par of $25.00
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| Yield: | 6.5%
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| Pricing date: | June 10
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| Closing date: | June 16
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| Rating: | Eagan-Jones: BBB
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| Listing: | NYSE: ECCC
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