By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Eagle Point Credit Co. Inc. priced an upsized $27.5 million of $25-par notes due 2027 (Expected ratings: Egan Jones: A-) on Tuesday with a coupon of 6.75%, according to a press release.
The deal was upsized from $25 million. 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.
There is a $4,125,000 over-allotment option, upsized from $3.75 million.
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.
| Issuer: | Eagle Point Credit Co. Inc.
|
| Securities: | $25-par unsecured notes
|
| Amount: | $27.5 million
|
| Greenshoe: | $4,125,000
|
| Maturity: | Sept. 30, 2027
|
| Bookrunner: | Ladenburg Thalmann & Co. Inc.
|
| Lead managers: | FBR Capital Markets & Co., Oppenheimer & Co. Inc. and National Securities Corp.
|
| Co-managers: | BB&T Capital Markets and Incapital LLC
|
| Coupon: | 6.75%
|
| Call option: | After three years
|
| Pricing date: | Aug. 1
|
| Settlement date: | Sept. 30
|
| Rating: | Egan: A-
|
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