Eagle Point Credit Company Inc. Prices Notes Offering
December 01 2015 - 7:36PM
Business Wire
Eagle Point Credit Company Inc. (NYSE:ECC) (NYSE:ECCA) (the
“Company”) today announced that it has priced an underwritten
public offering of $25 million aggregate principal amount of its
7.00% notes due 2020 (the “Series 2020 Notes”), which will result
in net proceeds to the Company of $23.7 million after payment of
underwriting discounts and commissions and estimated offering
expenses payable by the Company. The Series 2020 Notes will mature
on December 31, 2020 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
December 31, 2017. The Series 2020 Notes will be issued in minimum
denominations of $25 and integral multiples of $25 in excess
thereof and will bear interest at a rate of 7.00% per year payable
quarterly, with the first interest payment occurring on March 31,
2016. The Series 2020 Notes are expected to be rated ‘A-’ by
Egan-Jones Rating Company. The Company has granted the underwriter
a 30-day option to purchase up to an additional $3.75 million
aggregate principal amount of the Series 2020 Notes to cover
overallotments, if any.
The offering is expected to close on December 4, 2015, subject
to customary closing conditions. The Company has applied to list
the Series 2020 Notes on the New York Stock Exchange under the
symbol “ECCZ”.
The Company plans to use the net proceeds from the offering of
the Series 2020 Notes to acquire investments in accordance with its
investment objectives and strategies and for general corporate
purposes.
Incapital LLC is acting as sole book-running manager for the
offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The preliminary prospectus supplement dated November 30, 2015 and
the accompanying prospectus dated November 25, 2015, 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
Incapital LLC at, Attention: DCM Prospectus Department, 200 S.
Wacker Drive, Suite 3700, Chicago, Illinois 60606, by calling 1
(800) 327-1546, or by sending an e-mail to
prospectus_requests@incapital.com; copies may also be
obtained 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 investment objectives are to
generate high current income and capital appreciation primarily
through investment in equity and junior debt tranches of
collateralized loan obligations. The Company is externally managed
and advised by Eagle Point Credit Management LLC. The
principals of Eagle Point Credit Management LLC are
Thomas P. Majewski, Daniel W. Ko and Daniel M.
Spinner.
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.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Source: Eagle Point Credit Company
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version on businesswire.com: http://www.businesswire.com/news/home/20151201006907/en/
Investor Relations:Eagle Point Credit Company Inc.Kenneth P.
Onorio, 203-340-8500Chief Financial
Officerir@EaglePointCredit.comwww.eaglepointcreditcompany.com
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