By Wendy Van Sickle
Columbus, Ohio, Nov. 19 – Eagle Point Credit Co. Inc. priced $25 million of 6.75% $25-par series D perpetual preferred stock (Egan-Jones: BBB) on Friday, according to an FWP filing with the Securities and Exchange Commission.
The underwriters have a 30-day option to purchase up to $3.75 million of additional shares of preferred stock.
The notes are callable after five years.
Ladenburg Thalmann & Co. Inc. is acting as the lead bookrunner for the offering. B. Riley Securities, Inc., William Blair & Co., LLC, InspereX LLC and Wedbush Securities Inc. are acting as joint bookrunners.
The preferreds are expected to be listed on the New York Stock Exchange under the symbol “ECCD.”
Proceeds will be used to acquire investments, for general working capital purposes, including making distributions, and to redeem all or a portion of the company’s outstanding series B term preferred stock.
The externally managed non-diversified closed-end management investment company is based in Greenwich, Conn.
| Issuer: | Eagle Point Credit Co. Inc.
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| Amount: | $25 million, or 1 million shares
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| Greenshoe: | $3.75 million, or 150,000 shares
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| Issue: | Series D preferred stock
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| Maturity: | Perpetual
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| Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead), B. Riley Securities, Inc., William Blair & Co., LLC, InspereX LLC and Wedbush Securities Inc.
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| Dividend: | 6.75%
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| Price: | Par of $25.00
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| Yield: | 6.75%
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| Call: | On or after Nov. 29, 2026
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| Pricing date: | Nov. 19
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| Closing date: | Nov. 29
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| Rating: | Egan-Jones: BBB
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| Listing: | NYSE: ECCD
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| Cusip: | 269809802
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