Eagle Point Credit Company Inc. Announces Full Exercise and Closing of Overallotment Option in Offering of Preferred Stock
June 21 2021 - 4:26PM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC,
ECCB, ECCC, ECCW, ECCX, ECCY) today announced, in connection with
its previously disclosed underwritten public offering of 1,060,000
shares of its 6.50% Series C Term Preferred Stock due 2031 (the
“Preferred Stock”) at a public offering price of $25 per share that
closed on June 16, 2021, that the underwriters of such offering
have fully exercised their overallotment to purchase an additional
140,000 shares of Preferred Stock. The exercise of the
overallotment option resulted in additional net proceeds to the
Company of approximately $3.4 million after payment of underwriting
discounts and commissions. The Preferred Stock is rated ‘BBB’ by
Egan-Jones Ratings Company.
The Preferred Stock trade on the New York Stock Exchange under
the symbol “ECCC,” and the Preferred Stock issued pursuant to the
overallotment will trade under the same symbol.
Ladenburg Thalmann & Co. Inc. acted as the lead bookrunner
for the offering. B. Riley Securities, Inc., Oppenheimer & Co.
Inc., Incapital LLC and Wedbush Securities Inc. acted as joint
bookrunners for the offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The prospectus supplement dated June 10, 2021 and the accompanying
prospectus dated May 29, 2020, 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 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 640 Fifth Avenue, 4th Floor,
New York, New York 10019, by calling toll-free 1-800-573-2541 or by
sending an e-mail to: prospectus@ladenburg.com; copies may also be
obtained for free 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 primary investment objective is
to generate high current income, with a secondary objective to
generate 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210621005777/en/
Investor Relations: ICR 203-340-8510 ir@EaglePointCredit.com
www.eaglepointcreditcompany.com
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