Eagle Point greenshoe exercised, ups 7.75% preferreds to $46 million

By Tali Rackner

Norfolk, Va., Dec. 28 – Eagle Point Credit Co. Inc. said the underwriters of its recent add-on offering of 7.75% series B term preferred stock due 2026 exercised their over-allotment option in full. The company sold an additional 60,000 shares at $25 each for proceeds of $1.5 million.

The company issued $34.5 million of the preferreds on Oct. 5. It then sold $10 million more on Dec. 15, according to a press release.

Keefe Bruyette & Woods Inc. was the bookrunner. FBR Capital Markets & Co. and Wunderlich Securities Inc. were co-lead managers.

Dividends are payable monthly.

The preferreds become redeemable on Oct. 29, 2021 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.