By Wendy Van Sickle
Columbus, Ohio, Dec. 12 – Eagle Point Credit Co. Inc. sold $10 million more of its 7.75% series B term preferred stock due Oct. 30, 2026 (NYSE: ECCB), the company said in a news release on Monday.
The company sold $34.5 million of the preferreds on Oct. 5, as previously reported.
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.
| Issuer: | Eagle Point Credit Co. Inc.
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| Securities: | Series B term preferred stock
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| Amount: | $10 million add-on
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| Greenshoe: | $1.5 million, or 60,000 shares
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| Maturity: | 2026
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| Bookrunner: | Keefe Bruyette & Woods Inc.
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| Co-managers: | FBR Capital Markets, Ladenburg Thalmann & Co. Inc., MUFG and Wunderlich Securities Inc.
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| Dividend: | 7.75%
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| Price: | Par of $25.00
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| Yield: | 7.75%
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| Call options: | After a certain date or if the company’s asset coverage ratio falls below 200% at par plus accrued dividends
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| Pricing date: | Dec. 12
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| Settlement date: | Dec. 15
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| Expected listing: | NYSE: ECCB
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