Eagle Point’s $40 million 7.75% preferreds due 2020 admitted to NYSE

By Stephanie N. Rotondo

Phoenix, May 22 – Eagle Point Credit Co. Inc.’s $40 million of 7.75% series A term preferred stock due June 30, 2020 began trading on the New York Stock Exchange on Friday, according to a market source.

The ticker symbol is “ECCA.”

Deutsche Bank Securities Inc. and Keefe Bruyette & Woods Inc. were the joint bookrunners for the deal, which priced on May 13. Wunderlich Securities Inc., MUFG, Compass Point and Incapital LLC were the lead managers.

Dividends are payable monthly.

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

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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