Eagle Point Credit Company Inc. Prices $87 Million Public Offering of Notes
January 13 2022 - 5:30PM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC, ECCB,
ECCC, ECC PRD, ECCW, ECCX, ECCY) today announced that it has priced
an underwritten public offering of $87,000,000 aggregate principal
amount of its 5.375% notes due 2029 (the “2029 Notes”), which will
result in net proceeds to the Company of approximately $83.9
million after payment of underwriting discounts and commissions and
estimated offering expenses payable by the Company. The 2029 Notes
will mature on January 31, 2029 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 January 31, 2025. The 2029 Notes will be issued in
denominations of $25 and integral multiples of $25 in excess
thereof and will bear interest at a rate of 5.375% per year,
payable quarterly, with the first interest payment occurring on
March 31, 2022. The 2029 Notes are rated ‘BBB+’ by Egan-Jones
Ratings Company. In addition, the Company has granted the
underwriters a 30-day option to purchase up to an additional
$13,000,000 aggregate principal amount of 2029 Notes to cover
overallotments, if any.
The offering is expected to close on January 24, 2022, subject
to customary closing conditions. The Company intends to list the
2029 Notes on the New York Stock Exchange under the symbol
“ECCV.”
Ladenburg Thalmann & Co. Inc. is acting as the lead
bookrunner for the offering. B. Riley Securities, Inc., InspereX
LLC, Oppenheimer & Co. Inc. and Wedbush Securities Inc. are
acting as joint bookrunners for the offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The preliminary prospectus supplement dated January 12, 2022 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 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220113005918/en/
Investor Relations: ICR 203-340-8510 ir@EaglePointCredit.com
www.eaglepointcreditcompany.com
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