Eagle Point greenshoe exercise increases preferreds to $45.45 million

New York, June 2 – Eagle Point Credit Co. Inc. said the underwriters of its recent sale of series A term preferred stock due 2022 partially exercised the overallotment option, raising the size of the deal to $45.45 million.

The company originally priced $40 million of the preferreds on May 13 at par of $25 with a 7.75% dividend, payable monthly.

At pricing the deal was increased from the $35 million originally announced.

With the exercise of $5.45 million, or 218,000 preferreds, of the $6 million greenshoe, the offering now totals 16,218,000 preferred shares.

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.

The preferreds are list on the New York Stock Exchange under the ticker ECCA.

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

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

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