Eagle Point Credit Company Inc. Launches Offering of 7.00% Convertible and Perpetual Preferred Stock
08 Mai 2024 - 10:05PM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC)
announced it has commenced a continuous public offering of up to
4,000,000 shares of its 7.00% Series AA Convertible and Perpetual
Preferred Stock and 7.00% Series AB Convertible and Perpetual
Preferred Stock (collectively, the “Preferred Stock”) at a public
offering price of $25 per share, which will result in net proceeds
to the Company of approximately $91 million after payment of
estimated commissions and offering expenses if all shares of the
Preferred Stock are sold. The Preferred Stock has a 7.00% annual
dividend rate, paid monthly, and is rated ‘BBB’ by Egan-Jones
Ratings Company, an independent rating agency. The Preferred Stock
is perpetual and convertible by the holder into shares of the
Company’s common stock or cash (as determined by the Company at its
sole discretion), subject to certain conditions.
Eagle Point Securities LLC is the dealer manager for the
Preferred Stock offering. Eagle Point Securities LLC is an
affiliate of the Company and a member of FINRA and SIPC.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The prospectus supplement dated March 22, 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 the Preferred Stock and should be
read carefully before investing. The information in the
prospectus supplement, the accompanying prospectus and this press
release is not complete and may be changed. The 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
Eagle Point Securities LLC at 600 Steamboat Road, Suite 202,
Greenwich, CT 06830, by calling 203-340-8560 or by sending an
e-mail to: ECCPref@EaglePointSecurities.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.
Source: Eagle Point Credit Company Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508374574/en/
203-340-8560 ECCPref@EaglePointSecurities.com
www.eaglepointcreditcompany.com
Eagle Point Credit (NYSE:ECC)
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