Eagle Point Credit to sell up to $10 million more 7.75% preferreds

By Stephanie N. Rotondo

Seattle, Dec. 12 – Eagle Point Credit Co. Inc. is offering $10 million of its 7.75% series B term preferred stock due Oct. 30, 2026 (NYSE: ECCB), the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

The company sold $34.5 million of the preferreds on Oct. 5.

Keefe, Bruyette & Woods Inc. is the bookrunner. FBR Capital Markets, Ladenburg Thalmann & Co. Inc., MUFG and Wunderlich Securities Inc. are the co-managers.

Dividends are payable monthly.

The preferreds become redeemable Oct. 29, 2021 at par plus accrued dividends. The company is also required to redeem some or all of the preferreds in the event its asset coverage ratio falls below 200%.

Proceeds will be used to acquire investments in accordance with the company’s strategy and for general working capital purposes.

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

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