By Wendy Van Sickle
Columbus, Ohio, Oct. 18 – Eagle Point Income Co. Inc. priced $30.5 million of 5% $25-par five-year series A term preferred stock (Egan-Jones: BBB) on Monday, according to a Rule 497 filing with the Securities and Exchange Commission.
The underwriters have a 30-day option to purchase up to $4.5 million of additional shares of preferred stock, according to a press release.
Ladenburg Thalmann & Co. Inc. is acting as the lead bookrunner for the offering. B. Riley Securities, Inc., Oppenheimer & Co. Inc., InspereX LLC and Wedbush Securities Inc. are acting as joint bookrunners.
The preferreds are expected to be listed on the New York Stock Exchange under the symbol “EICA.”
Proceeds will be used to acquire investments and for general working capital purposes, including making distributions to stockholders.
The externally managed non-diversified closed-end management investment company is based in Greenwich, Conn.
| Issuer: | Eagle Point Income Co. Inc.
|
| Amount: | $30.5 million, or 1.22 million shares
|
| Greenshoe: | $4.5 million, or 180,000 shares
|
| Issue: | Series A term preferred stock
|
| Maturity: | 2026
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead), B. Riley Securities, Inc., Oppenheimer & Co. Inc., InspereX LLC and Wedbush Securities Inc.
|
| Dividend: | 5%
|
| Price: | Par of $25.00
|
| Yield: | 5%
|
| Pricing date: | Oct. 18
|
| Closing date: | Oct. 22
|
| Rating: | Eagan-Jones: BBB
|
| Listing: | NYSE: EICA
|
|
|
© 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.
