By Stephanie N. Rotondo
Seattle, June 1 – Eagle Point Credit Co. Inc. priced $25 million additional of its 7% $25-par unsecured notes due Dec. 31, 2020 (NYSE: ECCZ) at par, the company said in a press release on Wednesday.
The new offering brings the total amount of notes outstanding to $50 million, including the company’s initial $25 million offering on Dec. 1, 2015.
Incapital LLC was the bookrunner.
Interest will be paid 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.
|
| Securities: | Unsecured notes
|
| Amount: | $24,998,750
|
| Maturity: | Dec. 31, 2020
|
| Bookrunner: | Incapital LLC
|
| Coupon: | 7%
|
| Price: | Par of $25
|
| Yield: | 7%
|
| Call options: | On or after Dec. 31, 2017 at par plus accrued interest or if company fails to maintain asset coverage of 300%
|
| Announcement date: | June 1
|
| Settlement date: | June 1
|
| Note listing: | NYSE: ECCZ
|
| Total outstanding: | $50 million, including $25 million priced Dec. 1, 2015
|
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