Eagle Point Credit Company Inc. Announces Full Redemption of the 7.75% Series B Term Preferred Stock Due 2026 and 6.75% Notes Due 2027 and Partial Redemption of the 6.6875% Notes Due 2028
January 14 2022 - 4:30PM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC,
ECCB, ECCC, ECC PRD, ECCW, ECCX, ECCY) announced today that it will
redeem (i) all of the outstanding shares of its 7.75% Series B Term
Preferred Stock due 2026 (NYSE: ECCB) (“Series B Term Preferred
Stock”) on February 28, 2022 (the “Series B Redemption Date”), (ii)
all of the aggregate principal amount of the outstanding 6.75%
notes due 2027 (NYSE: ECCY) (the “2027 Notes”) on February 14, 2022
(the “2027 Notes Redemption Date”) and (iii) 50%, or $32,423,775
aggregate principal amount of the outstanding 6.875% notes due 2028
(NYSE: ECCX) (the “2028 Notes”) on February 14, 2022 (the “2028
Notes Redemption Date”).
The redemption price of the Series B Term Preferred Stock will
be $25 per share, plus an amount equal to all unpaid dividends and
distributions on each share accumulated to, but excluding, the
Series B Redemption Date, without interest thereon. The redemption
price of the 2027 Notes will be $25 plus accrued and unpaid
interest through, but excluding, the 2027 Notes Redemption Date.
The redemption price for the 2028 Notes will be $25 plus accrued
and unpaid interest through, but excluding, the 2028 Notes
Redemption Date.
All of the Series B Preferred Stock, the 2027 Notes and the 2028
Notes are held in book-entry form through The Depository Trust
Company (“DTC”) and the Series B Term Preferred Stock, 2027 Notes
and 2028 Notes will each be redeemed in accordance with the
procedures of DTC. Payment to DTC for the shares of Series B Term
Preferred Stock, the 2027 Notes and the 2028 Notes will be made by
American Stock Transfer & Trust Company, LLC, (the “Redemption
and Paying Agent”). From and after each of the applicable
redemption dates, the Series B Term Preferred Stock, the 2027 Notes
and the 2028 Notes being redeemed will no longer be deemed
outstanding, dividends or interest will cease to accumulate and all
the rights of the holders of such shares and/or notes will cease,
except the right to receive the applicable redemption price.
The Redemption and Paying Agent can be reached by mail at
American Stock Transfer & Trust Company, LLC, 6201 15th Avenue,
Brooklyn, New York 11219, Attn: Corporate Actions or telephonically
at (718) 921-8200.
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 Company makes certain unaudited portfolio information
available each month on its website in addition to making certain
other unaudited financial information available on its website
(www.eaglepointcreditcompany.com). This information includes (1) an
estimated range of the Company’s net investment income (“NII”) and
realized capital gains or losses per weighted average share of
common stock for each calendar quarter end, generally made
available within the first fifteen days after the applicable
calendar month end, (2) an estimated range of the Company’s NAV per
share of common stock for the prior month end and certain
additional portfolio-level information, generally made available
within the first fifteen days after the applicable calendar month
end, and (3) during the latter part of each month, an updated
estimate of NAV, if applicable, and, with respect to each calendar
quarter end, an updated estimate of the Company’s NII and realized
capital gains or losses for the applicable quarter, if
available.
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
Company’s filings with the U.S. Securities and Exchange Commission.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20220114005465/en/
Investor and Media Relations: ICR 203-340-8510
IR@EaglePointCredit.com www.eaglepointcreditcompany.com
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