By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Eagle Point Credit Co. Inc. priced $35 million of 8% series F term preferred stock due 2029 (Egan-Jones: BBB) at par of $25 on Thursday, according to a press release.
The underwriters have a 30-day option to purchase another $5.25 million shares.
The $25-par shares will result in $33.6 million of proceeds to the company.
After a certain point, the preferreds will be redeemable by the company at their liquidation preference plus any unpaid dividends.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Piper Sandler & Co. are the joint bookrunners. InspereX LLC and Wedbush Securities Inc. were lead managers.
Proceeds will be used in accordance with the company’s investment objectives and strategies and for general working capital purposes, including, as applicable, making distributions to stockholders and/or repaying any outstanding debt.
Eagle Point intends to list the preferreds on the New York Stock Exchange under the ticker symbol “ECCF.”
The closed-end management investment company is based in Greenwich, Conn.
| Issuer: | Eagle Point Credit Co. Inc.
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| Amount: | $35 million, 1.4 million shares
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| Greenshoe: | $5.25 million, 210,000 shares
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| Issue: | Series F preferred stock
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| Maturity: | 2029
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| Joint bookrunners: | Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Piper Sandler & Co.
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| Lead managers: | InspereX LLC and Wedbush Securities Inc.
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| Counsel to issuer: | Dechert LLP
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| Counsel to underwriters: | Duane Morris LLP
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| Dividend: | 8%
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| Price: | Par of $25.00
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| Yield: | 8%
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| Call features: | At par at a certain point
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| Trade date: | Jan. 11
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| Settlement date: | Jan. 18
|
| Rating: | Egan-Jones: BBB
|
| Distribution: | SEC registered
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| Symbol: | NYSE: ECCF
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