Eagle Point Credit offers $35 million term preferred stock due 2022

By Stephanie N. Rotondo

Phoenix, May 12 – Eagle Point Credit Co. Inc. intends to sell $35 million of series A term preferred stock due June 30, 2020, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Deutsche Bank Securities Inc. and Keefe Bruyette & Woods Inc. are the joint bookrunners. Wunderlich Securities Inc., MUFG, Compass Point and Incapital LLC are the lead managers.

Dividends will be payable monthly.

The preferreds become redeemable June 29, 2018 at par plus accrued dividends. The company can also redeem the preferreds if asset coverage falls below 200%.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “ECCA.”

The Greenwich, Conn.-based company will use proceeds for investments and for general corporate purposes.

Eagle Point is an externally managed, non-diversified closed end management investment company.

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