Eagle Point Credit offers $25 million 10-year series B term preferreds

By Stephanie N. Rotondo

Seattle, Oct. 5 – Eagle Point Credit Co. Inc. plans to price a $25 million offering of series B term preferred stock due 2026, the company said in a press release on Wednesday.

There is a $3.75 million over-allotment option.

Keefe Bruyette & Woods Inc. is the bookrunner. FBR Capital Markets & Co. and Wunderlich Securities Inc. are co-lead managers. MUFG and National Securities Corp. are co-managers.

Dividends are payable monthly.

The preferreds become redeemable upon a certain date at par plus accrued dividends. The securities also become redeemable if the company fails to maintain an asset coverage ratio of at least 200%.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “ECCB.”

Proceeds will be used for investments in accordance with the firm’s objectives and strategy and for general working capital purposes.

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

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