Eagle Point’s $25 million 10-year baby bonds talked at 6.875%

By Stephanie N. Rotondo

Seattle, Aug. 1 – Details started to emerge early Tuesday on Eagle Point Credit Co. Inc.’s underwritten public offering of $25 million $25-par unsecured notes due 2027 (Expected ratings: Egan Jones: A-).

A market source said price talk on the baby bonds was 6.875%.

The deal was first announced late Monday.

Ladenburg Thalmann & Co. Inc. is the bookrunner. FBR Capital Markets & Co., Oppenheimer & Co. Inc. and National Securities Corp. are acting as lead managers. BB&T Capital Markets and Incapital LLC are co-managers.

There is a $3.75 million over-allotment option.

Interest will be payable on the last day of March, June, September and December.

The notes become redeemable after three years.

Proceeds will be used to acquire investments in accordance with investment objectives and strategies, to make distributions to stockholders and for general working capital purposes.

Eagle Point is a Greenwich, Conn.-based externally managed, 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.