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GREENWICH, Conn.–(BUSINESS WIRE)–Eagle Point Credit Company Inc. (the Company) (NYSE:ECC, ECCB, ECCX, ECCY, ECCW) announced today that it has priced a guaranteed public offering of 1,060,000 shares of its 6.50% Series C Term Preferred Shares due 2031 (the preferred shares) at a public offering price of $25 per share, which will result in net proceeds to the Company of approximately $25.4 million after payment of underwriting discounts and commissions and estimated offering costs to be paid by the Company. The preferred stock has a BBB rating from Egan-Jones Ratings Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to 140,000 additional preferred shares to cover any over-allotments.
The offering is expected to close on June 16, 2021, subject to customary closing conditions. The Company intends to list the Preference Shares on the New York Stock Exchange under the symbol ECCC.
Ladenburg Thalmann & Co. Inc. is acting as the lead bookrunner for the offering. B. Riley Securities, Inc., Oppenheimer & Co. Inc., Incapital LLC and Wedbush Securities Inc. act as joint bookrunners for the offering.
Investors should carefully consider the Company’s investment objectives, risks, costs and expenses before investing. The preliminary prospectus supplement dated June 9, 2021 and the accompanying prospectus dated May 29, 2020, 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 contained in the preliminary prospectus supplement, the accompanying prospectus and this press release is not exhaustive and is subject to change. The Preliminary Prospectus Supplement, the accompanying prospectus and this press release are not offers to sell these securities and do not solicit an offer to purchase these securities in any state where such offer or sale is prohibited.
A shelf registration statement relating to these securities has been registered with and has been declared effective by the SEC. The offer can only be made by means of a prospectus and an accompanying prospectus supplement, copies of which can be obtained by writing to Ladenburg Thalmann & Co. Inc. at 640 Fifth Avenue, 4th Floor, New York, New York 10019, by calling -toll free 1-800-573-2541 or by emailing: [email protected]; copies can also be obtained for free by visiting EDGAR on the SEC 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 such rating may be revised or withdrawn 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 primary investment objective is to generate high current income with the secondary objective of generating capital appreciation primarily by investing in equity and subordinated debt tranches of collateralised 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 fact contained in this press release may be forward-looking statements and are not guarantees of future performance or results and risks and uncertainties. Actual results could differ materially from those in the forward-looking statements due to a number of factors, including those described in the prospectus and the Company’s other filings with the SEC. The company undertakes no obligation to update any forward-looking statement herein. All forward-looking statements speak only as of the date of this press release.
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