Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 1, 8:34 AM
Slide #91. Eagle Point Credit Company Inc. — Preferred Stock Offering
||Eagle Point Credit Company Inc. (NYSE:ECC)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||Eagle Point Credit Company Inc. (the "Company") (NYSE:ECC,NYSE,ECCA,,NYSE,ECCZ) today announced that it has commenced a public offering of 1,000,000 shares of its Series B Term Preferred Stock (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 up to an additional 150,000 shares of Preferred Stock to cover overallotments, if any. -updated 10/5- Eagle Point Credit Company Inc. (the "Company") (NYSE:ECC,NYSE,ECCA,,NYSE,ECCZ) today announced that it has priced an underwritten public offering of 1,200,000 shares of its 7.75% Series B Term Preferred Stock due 2026 (the "Preferred Stock") at a public offering price of $25 per share, which will result in net proceeds to the Company of approximately $28.5 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 180,000 shares of Preferred Stock to cover overallotments, if any. The Company intends to list the Preferred Stock on the New York Stock Exchange under the ticker symbol "ECCB."
Eagle Point Credit Company is a non-diversified, externally managed 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. will seek to achieve its investment objectives by investing primarily in equity and junior debt tranches of CLOs that are collateralized by a diverse portfolio consisting primarily of below investment grade U.S. senior secured loans. As of Dec 31 2016, total assets were $448,376,026 and total investments were $410,738,291.
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