GREENWICH, Conn. -- (Business Wire)
Eagle Point Credit Company Inc. (NYSE:ECC) (NYSE:ECCA) (the “Company”)
today announced that it has priced an underwritten public offering of
$25 million aggregate principal amount of its 7.00% notes due 2020 (the
“Series 2020 Notes”), which will result in net proceeds to the Company
of $23.7 million after payment of underwriting discounts and commissions
and estimated offering expenses payable by the Company. The Series 2020
Notes will mature on December 31, 2020 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 December 31, 2017. The Series 2020 Notes will be issued in minimum
denominations of $25 and integral multiples of $25 in excess thereof and
will bear interest at a rate of 7.00% per year payable quarterly, with
the first interest payment occurring on March 31, 2016. The Series 2020
Notes are expected to be rated ‘A-’ by Egan-Jones Rating Company. The
Company has granted the underwriter a 30-day option to purchase up to an
additional $3.75 million aggregate principal amount of the Series 2020
Notes to cover overallotments, if any.
The offering is expected to close on December 4, 2015, subject to
customary closing conditions. The Company has applied to list the Series
2020 Notes on the New York Stock Exchange under the symbol “ECCZ”.
The Company plans to use the net proceeds from the offering of the
Series 2020 Notes to acquire investments in accordance with its
investment objectives and strategies and for general corporate purposes.
Incapital LLC is acting as sole book-running manager for the offering.
Investors should consider the Company’s investment objectives, risks,
charges and expenses carefully before investing. The preliminary
prospectus supplement dated November 30, 2015 and the accompanying
prospectus dated November 25, 2015, 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 Incapital LLC at, Attention:
DCM Prospectus Department, 200 S. Wacker Drive, Suite 3700, Chicago,
Illinois 60606, by calling 1 (800) 327-1546, or by sending an e-mail to prospectus_requests@incapital.com;
copies may also be obtained 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 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 principals of Eagle Point Credit Management LLC are
Thomas P. Majewski, Daniel W. Ko and Daniel M. Spinner.
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.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Source: Eagle Point Credit Company
View source version on businesswire.com: http://www.businesswire.com/news/home/20151201006907/en/
Contacts:
Investor Relations:
Eagle Point Credit Company Inc.
Kenneth P.
Onorio, 203-340-8500
Chief Financial Officer
ir@EaglePointCredit.com
www.eaglepointcreditcompany.com
Source: Eagle Point Credit Company
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