Eagle Point Credit to sell $25 million 7.75% preferreds due 2026

By Susanna Moon

Chicago, May 22 – Eagle Point Credit Co. Inc. registered to sell up to $25 million of its 7.75% series B term preferred stock due Oct. 30, 2026 under an at-the-market issuance sales agreement with B. Riley FBR, Inc. as the placement agent.

Eagle Point will issue up to 1 million preferreds with a liquidation preference of $25.00 per share, according to a 497 filing with the Securities and Exchange Commission.

The at-the-market agreement is dated June 28, 2017 with B. Riley as successor to FBR Capital Markets & Co.

As of Monday, the company had sold 27,584 shares of the preferreds under the sales agreement, with 972,416 more preferreds available in the offering.

Eagle Point is a Greenwich, Conn.-based externally managed, non-diversified closed-end management investment company.

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