Eagle Point Credit Company Inc. (NYSE:ECC) (the “Company”) today is
pleased to announce the declaration of its initial distribution of $0.55
per share of the Company’s common stock, payable on January 26, 2015 to
stockholders of record as of December 31, 2014, as noted below. Based on
the Company’s initial public offering price of $20.00 per share, the
distribution represents an annualized dividend rate of approximately 12%
(as measured from October 8, 2014, the date on which the Company began
trading on the New York Stock Exchange).
Chief Executive Officer Thomas Majewski commented, “An important part of
the Company’s plan was to have a substantial portfolio of investments in
place at the time of our initial public offering so that we could
declare our initial dividend promptly at an annualized rate of 12%.”
The following schedule applies to the distribution:
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Ex-Dividend Date:
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December 29, 2014
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Record Date:
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December 31, 2014
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Payable Date:
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January 26, 2015
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Amount:
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$0.55 per share of common stock
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Chief Financial Officer Ken Onorio commented, “Distributions are
generally expected to be paid from net investment income (regular
interest and dividends) but may also include return of capital and/or
capital gains.” The specific tax characteristics of the distribution
will be reported to the Company’s stockholders on Form 1099 after the
end of the calendar year.
The Company is a non-diversified, closed-end management investment
company. The Company’s investment objective is 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.
The Company closed its initial public offering on October 14, 2014. A
registration statement relating to the Company’s common stock has been
filed with, and declared effective by, the U.S. Securities and Exchange
Commission. This press release does not constitute an offer to sell or
the solicitation of an offer to buy nor will there be any sale of the
shares of common stock referred to in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of
such state or jurisdiction.
Investors should consider the Company’s investment objectives, risks,
charges and expenses carefully before investing. An investment in the
Company is not appropriate for all investors, and the Company is not
intended to be a complete investment program. Shares of closed-end
investment companies frequently trade at a discount from their net asset
value, which may increase investors’ risk of loss.
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
Copyright Business Wire 2014