By Sarah Lizee
Olympia, Wash., April 17 – Eagle Point Credit Co. Inc. priced an upsized $60 million of 6.6875% $25-par notes due April 30, 2028 (Expected rating: Egan-Jones: A-) on Tuesday, according to a press release.
The deal was upsized from $50 million and is expected to close on April 24.
The notes may be redeemed in whole or in part beginning April 30, 2021.
There is a $9 million over-allotment option.
The notes will be listed on the New York Stock Exchange under the ticker “ECCX.”
Proceeds will be used to redeem the company’s unsecured notes due 2020. Remaining proceeds will be used to acquire investments, to make distributions to the company’s stockholders and for general working capital purposes.
Ladenburg Thalmann & Co. Inc. is the lead bookrunner for the offering. B. Riley FBR, Inc. and Oppenheimer & Co. Inc. are acting as joint bookrunners. BB&T Capital Markets, Incapital LLC and National Securities Corp. are acting as lead managers.
Eagle Point is a Greenwich, Conn.-based non-diversified, closed-end management investment company that manages a portfolio of CLOs.
| Issuer: | Eagle Point Credit Co. Inc.
|
| Securities: | $25-par notes
|
| Amount: | $60 million
|
| Greenshoe: | $9 million
|
| Maturity: | April 30, 2028
|
| Lead bookrunner: | Ladenburg Thalmann & Co. Inc.
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| Joint bookrunners: | B. Riley FBR, Inc. and Oppenheimer & Co. Inc.
|
| Lead managers: | BB&T Capital Markets, Incapital LLC and National Securities Corp.
|
| Coupon: | 6.6875%
|
| Call option: | In whole or in part beginning April 30, 2021
|
| Pricing date: | April 17
|
| Settlement date: | April 24
|
| Rating: | Egan: A-
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| Listing: | NYSE: ECCX
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