Eagle Point Credit Company Inc. Prices Offering of Notes
April 17 2018 - 5:11PM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC,
NYSE:ECCA, NYSE:ECCB, NYSE:ECCZ, NYSE:ECCY) today announced that it
has priced an underwritten public offering of $60,000,000 aggregate
principal amount of its 6.6875% notes due 2028 (the “2028 Notes”),
which will result in net proceeds to the Company of approximately
$57.9 million after payment of underwriting discounts and
commissions and estimated offering expenses payable by the Company.
The 2028 Notes will mature on April 30, 2028 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 April 30, 2021. The 2028 Notes will be issued in
denominations of $25 and integral multiples of $25 in excess
thereof and will bear interest at a rate of 6.6875% per year,
payable quarterly, with the first interest payment occurring on
July 2, 2018 (the first business day following June 30, 2018). The
2028 Notes are expected to be rated ‘A-’ by Egan-Jones Ratings
Company. In addition, the Company has granted the underwriters a
30-day option to purchase up to an additional $9,000,000 aggregate
principal amount of 2028 Notes to cover overallotments, if any.
The offering is expected to close on April 24, 2018, subject to
customary closing conditions. The Company intends to list the 2028
Notes on the New York Stock Exchange under the symbol “ECCX.”
The Company intends to use the net proceeds from the offering of
the 2028 Notes to redeem the Company’s unsecured notes due 2020,
which are redeemable upon 30 days’ notice, and if any net proceeds
remain, to acquire investments in accordance with the Company’s
investment objectives and strategies, to make distributions to the
Company’s stockholders and for general working capital
purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE AMERICAN:LTS), is acting as
the lead bookrunner for the offering. B. Riley FBR, Inc. and
Oppenheimer & Co. Inc. are acting as joint bookrunners for the
offering. BB&T Capital Markets, a division of BB&T
Securities, LLC, Incapital LLC and National Securities Corporation,
a wholly owned subsidiary of National Holdings Corporation
(NASDAQ:NHLD), are acting as lead managers for the offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The preliminary prospectus supplement dated April 17, 2018 and the
accompanying prospectus dated June 14, 2017, 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
Ladenburg Thalmann & Co. Inc. at 277 Park Avenue, 26th Floor,
New York, New York 10172, by calling toll-free 1-800-573-2541 or by
sending an e-mail to: prospectus@ladenburg.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.
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
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Investor Relations:ICR203-340-8510ir@EaglePointCredit.com
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