Eagle Point to sell $25-par notes due 2020; price talk around 6.625%

By Stephanie N. Rotondo

Seattle, Nov. 30 – Eagle Point Credit Co. Inc. is offering at least $25 million of $25-par unsecured notes due Dec. 31, 2020, the company said in a press release on Monday.

Price talk is in the 6.625% area, according to a market source.

Incapital LLC is the bookrunner.

Interest will be payable quarterly, beginning March 31, 2016. The notes become redeemable Dec. 31, 2017 at par plus accrued interest. The company can also redeem the notes if it fails to maintain a certain asset coverage ratio.

Proceeds will be used to acquire investments and for general working capital purposes.

Eagle Point is a Greenwich, Conn.-based non-diversified, closed-end management investment company.

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