Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 11:06 AM
|This Slide: #324 of 573|
Slide #324. Eagle Point Credit Company Inc. — Preferred Stock Offering
Eagle Point Credit Company Inc. (NYSE:ECC)
7.75% Series A Term Preferred Stock due 2022 (ECCA)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Eagle Point Credit Company Inc. (NYSE:ECC) (the "Company") today announced that it plans to offer shares of its Series A Term Preferred Stock due 2022 (the "Preferred Stock") in an underwritten public offering. The terms of the Preferred Stock are to be determined by negotiations between the Company and the underwriters. In addition, the Company plans to grant the underwriters a 30-day option to purchase additional shares of the Preferred Stock to cover overallotments, if any. - updated 5/14 - Eagle Point Credit Company Inc. (NYSE:ECC) (the "Company") today announced that it has priced an underwritten, public offering of 1,600,000 shares of its 7.75% Series A Term Preferred Stock due 2022 (the "Preferred Stock") at a public offering price of $25 per share, resulting in gross proceeds of $40.0 million and approximately $38.1 million in net proceeds to the Company, after payment of underwriting discounts and commissions and estimated offering expenses. In addition, the Company has granted the underwriters a 30-day option to purchase up to 240,000 additional shares of the Preferred Stock to cover overallotments, if any. The offering is expected to close on May 18, 2015, subject to customary closing conditions. The Company has applied to list the Preferred Stock on the New York Stock Exchange under the ticker symbol "ECCA."
Eagle Point Credit Company is registered as an externally managed, non-diversified closed-end management investment company. Co.'s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. Co. seeks to achieve its investment objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations that are collateralized by a portfolio consisting primarily of below investment grade United States senior secured loans.
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