By Angela McDaniels
Tacoma, Wash., Aug. 8 – Eagle Point Credit Co. Inc. placed $10 million principal amount of additional 7% $25-par notes due 2020 (NYSE: ECCZ), according to a company news release.
As previously reported, the company issued $25 million of the notes on Dec. 4, 2015 and another $25 million on June 1. The new offering brings the total amount of notes issued to $60 million.
Interest is payable quarterly.
The notes become redeemable Dec. 31, 2017 at par. 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: | Notes
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Amount: | $10 million add-on
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Maturity: | Dec. 31, 2020
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Coupon: | 7%
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Price: | Par of $25
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Yield: | 7%
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Call options: | On or after Dec. 31, 2017 at par or if company fails to maintain asset coverage of 300%
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Pricing date: | Aug. 8
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Settlement date: | Aug. 10
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Note listing: | NYSE: ECCZ
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Total outstanding: | $60 million
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