Eagle Point starts at-the-market offering of up to $25 million series B term preferreds

By James McCandless

San Antonio, Nov. 22 – Eagle Point Credit Co. Inc. has entered into an agreement to sell up to $25 million more of its 7.75% series B term preferred stock due Oct. 30, 2026 in an at-the-market offering, according to a filing with the Securities and Exchange Commission.

The company is also offering $125 million of its common stock.

B. Riley FBR, Inc. and National Securities Corp. are the placement agents.

The preferreds are redeemable on or after Oct. 29, 2021 at par.

Eagle Point plans to use the proceeds to acquire investments in accordance with its investment objectives and strategies, to make distributions to its stockholders and for general working capital purposes.

The company originally sold $34.5 million of the preferreds on Oct. 6, 2016, selling an additional $15 million more on Dec. 12, 2016 for a total of $49.5 outstanding.

On Friday morning, the preferreds (NYSE: ECCB) were falling 24 cents to $26.26 on volume of about 2,000 shares.

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

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