Eagle Point Credit Company Inc. Prices $100 Million Public Offering of Notes
05 Décembre 2024 - 3:15AM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC, ECCC,
ECC PRD, ECCF, ECCX, ECCW, ECCV) today announced that it has priced
an underwritten public offering of $100 million aggregate principal
amount of its 7.75% notes due 2030 (the “2030 Notes”), which will
result in net proceeds to the Company of approximately $96.5
million after payment of underwriting discounts and commissions and
estimated offering expenses payable by the Company. The 2030 Notes
will mature on June 30, 2030, and may be redeemed in whole or in
part at any time or from time to time at the Company’s option on or
after June 30, 2027. The 2030 Notes will be issued in denominations
of $25 and integral multiples of $25 in excess thereof and will
bear interest at a rate of 7.75% per year, payable quarterly, with
the first interest payment occurring on March 31, 2025. The 2030
Notes are rated ‘BBB+’ by Egan-Jones Ratings Company, an
independent, unaffiliated rating agency. In addition, the Company
has granted the underwriters a 30-day option to purchase up to an
additional $15 million aggregate principal amount of 2030 Notes to
cover overallotments, if any.
The offering is expected to close on December 10, 2024, subject
to customary closing conditions. The Company intends to list the
2030 Notes on the New York Stock Exchange under the symbol
“ECCU”.
Lucid Capital Markets, LLC is acting as the lead bookrunner for
the offering. B. Riley Securities, Inc., Piper Sandler & Co.
and Janney Montgomery Scott LLC are acting as joint bookrunners for
the offering. InspereX LLC and William Blair & Company, L.L.C.
are acting as lead managers for the offering. Clear Street LLC and
Wedbush Securities Inc. are acting as co-managers for the
offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The preliminary prospectus supplement dated December 3, 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
Lucid Capital Markets, LLC at 570 Lexington Ave., 40th Floor, New
York, NY 10022, by calling toll-free at 646-362-0256 or by sending
an e-mail to: prospectus@lucid.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/20241204187628/en/
Investor Relations: ICR 203-340-8510 ir@EaglePointCredit.com
www.eaglepointcreditcompany.com
Eagle Point Credit (NYSE:ECC)
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