By Stephanie N. Rotondo
Seattle, Dec. 1 – Eagle Point Credit Co. Inc. priced $25 million of 7% $25-par five-year notes on Tuesday, the company said in a regulatory filing on Tuesday.
Price talk was in the 6.625% area, according to a market source.
Incapital LLC was 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 asset coverage of at least 300%.
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.
Issuer: | Eagle Point Credit Co. Inc.
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Securities: | Unsecured notes
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Amount: | $25 million
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Greenshoe: | $3.75 million
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Maturity: | Dec. 31, 2020
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Bookrunner: | Incapital LLC
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Coupon: | 7%
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Price: | Par of $25
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Yield: | 7%
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Talk: | 6.625% area
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Call options: | On or after Dec. 31, 2017 or if company fails to maintain its asset coverage ratio
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Pricing date: | Dec. 1
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Settlement date: | Dec. 4
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Expected listing: | NYSE: ECCZ
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Cusip: | 269809208
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