Eagle Point Credit Company Inc. Prices Offering of Preferred Stock
12 Januar 2024 - 12:22AM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC, ECCC,
ECC PRD, ECCV, ECCW, ECCX) today announced that it has priced an
underwritten public offering of 1,400,000 shares of its 8.00%
Series F Term Preferred Stock due 2029 (the “Preferred Stock”) at a
public offering price of $25 per share, which will result in net
proceeds to the Company of approximately $33.6 million after
payment of underwriting discounts and commissions and estimated
offering expenses payable by the Company. The Preferred Stock is
rated ‘BBB’ by Egan-Jones Ratings Company, an independent rating
agency. In addition, the Company has granted the underwriters a
30-day option to purchase up to an additional 210,000 shares of
Preferred Stock on the same terms and conditions.
The Preferred Stock offering is expected to close on January 18,
2024, subject to customary closing conditions. The Company intends
to list the Preferred Stock on the New York Stock Exchange within
30 days of the original issue date under the symbol “ECCF.”
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and
Piper Sandler & Co. are acting as joint bookrunners for the
offering. InspereX LLC and Wedbush Securities Inc. are acting as
lead managers for the offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The preliminary prospectus supplement dated January 11, 2024 and
the accompanying prospectus dated June 9, 2023, which have been
filed with the Securities and Exchange Commission (“SEC”), contain
this and other information about the Company and should be read
carefully before investing. The information in the preliminary
prospectus supplement, the accompanying prospectus and this press
release is not complete and may be changed. The preliminary
prospectus supplement, the accompanying prospectus and this press
release are not offers to sell these securities and are not
soliciting an offer to buy these securities in any state where such
offer or sale is not permitted.
A shelf registration statement relating to these securities is
on file with and has been declared effective by the SEC. The
offering may be made only by means of a prospectus and a related
prospectus supplement, copies of which may be obtained by writing
Ladenburg Thalmann & Co. Inc. at 640 Fifth Avenue, 4th Floor,
New York, New York 10019, by calling toll-free 1-800-573-2541 or by
sending an e-mail to: prospectus@ladenburg.com; copies may also be
obtained for free by visiting EDGAR on the SEC’s website at
http://www.sec.gov.
Egan-Jones Ratings Company is a nationally recognized
statistical rating organization (NRSRO). A security rating is not a
recommendation to buy, sell or hold securities, and any such rating
may be subject to revision or withdrawal at any time by the
applicable rating agency.
ABOUT EAGLE POINT CREDIT COMPANY
The Company is a non-diversified, closed-end management
investment company. The Company’s primary investment objective is
to generate high current income, with a secondary objective to
generate capital appreciation, primarily by investing in equity and
junior debt tranches of collateralized loan obligations. The
Company is externally managed and advised by Eagle Point Credit
Management LLC.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described in the
prospectus and the Company’s other filings with the SEC. The
Company undertakes no duty to update any forward-looking statement
made herein. All forward-looking statements speak only as of the
date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240111925960/en/
Investor Relations: ICR 203-340-8510 ir@EaglePointCredit.com
www.eaglepointcreditcompany.com
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