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Eagle Point Credit offers $25-par series C, series D preferred stock
Chicago, June 12 – Eagle Point Credit Co. Inc. is offering up to 800,000 shares of its 6.5% series C term preferred stock due 2031 and up to 200,000 shares of its 6.75% series D preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.
The 6.5% series C preferred stock has a liquidation preference of $20 million (NYSE: ECCC) and the 6.75% series D perpetual preferred stock (NYSE: ECCPrD) has a liquidation preference of $5 million, based on $25 per share.
The series C preferreds must be redeemed on June 30, 2031 at par, plus unpaid dividends. The shares are callable starting June 16, 2024.
The series D preferreds are callable starting Nov. 29, 2026.
The company signed an at-the-market agreement with B. Riley Securities, Inc. on June 12 regarding the offering, which also includes up to $225 million of common stock.
The closed-end management investment company is based in Greenwich, Conn.
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