Eagle Point Credit Company Inc. Launches Offering of 7.00% Convertible and Perpetual Preferred Stock
Eagle Point Credit Company Inc. (NYSE: ECC) is launching an offering of 7.00% Convertible and Perpetual Preferred Stock, aiming to raise around $91 million through the sale of up to 4,000,000 shares. The Preferred Stock offers a 7.00% annual dividend rate, is rated 'BBB' by Egan-Jones Ratings Company, and can be converted into common stock or cash.
Eagle Point Credit Company Inc. is diversifying its funding sources through the launch of the Preferred Stock offering.
The 7.00% annual dividend rate on the Preferred Stock provides a steady income stream for investors.
The 'BBB' rating by Egan-Jones Ratings Company reflects a solid credit quality of the Preferred Stock.
Investors need to carefully consider the risks, charges, and expenses associated with investing in the Preferred Stock.
The offering size of up to 4,000,000 shares may lead to potential dilution for existing shareholders.
The convertible nature of the Preferred Stock introduces uncertainty in terms of conversion into common stock or cash.
Eagle Point Securities LLC is the dealer manager for the Preferred Stock offering. Eagle Point Securities LLC is an affiliate of the Company and a member of FINRA and SIPC.
Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing. The prospectus supplement dated March 22, 2024 and the accompanying prospectus dated June 9, 2023, which have been filed with the Securities and Exchange Commission (“SEC”), contain this and other information about the Company and the Preferred Stock and should be read carefully before investing. The information in the prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. 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 Eagle Point Securities LLC at 600 Steamboat Road, Suite 202,
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 by investing 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.
Source: Eagle Point Credit Company Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508374574/en/
203-340-8560
ECCPref@EaglePointSecurities.com
www.eaglepointcreditcompany.com
Source: Eagle Point Credit Company Inc.
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