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Eagle Point Credit’s 7.75% 10-year term preferreds admitted to NYSE
By Stephanie N. Rotondo
Seattle, Oct. 13 – Eagle Point Credit Co. Inc.’s $30 million of 7.75% series B term preferred stock due 2026 listed on the New York Stock Exchange on Thursday.
The ticker symbol is “ECCB.”
There is a $4.5 million over-allotment option.
The deal came Oct. 5, upsized from $25 million. The greenshoe was also increased from $3.75 million.
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%.
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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