Eagle Point Credit Company Inc. (NYSE:ECC) (the “Company”) today
announced that it has priced an underwritten, public offering of
1,600,000 shares of its 7.75% Series A Term Preferred Stock due 2022
(the “Preferred Stock”) at a public offering price of $25 per share,
resulting in gross proceeds of $40.0 million and approximately $38.1
million in net proceeds to the Company, after payment of underwriting
discounts and commissions and estimated offering expenses. In addition,
the Company has granted the underwriters a 30-day option to purchase up
to 240,000 additional shares of the Preferred Stock to cover
overallotments, if any. The offering is expected to close on May 18,
2015, subject to customary closing conditions. The Company has applied
to list the Preferred Stock on the New York Stock Exchange under the
ticker symbol “ECCA.”
The Company plans to use the net proceeds from the offering of the
Preferred Stock to acquire investments in accordance with its investment
objectives and strategies and for general corporate purposes.
Deutsche Bank Securities Inc. and Keefe, Bruyette & Woods, Inc. are
acting as joint book-running managers for the offering. Wunderlich
Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., Compass Point
Research & Trading, LLC and Incapital LLC are acting as lead managers
for the offering.
Investors should consider the Company’s investment objectives, risks,
charges and expenses carefully before investing. The preliminary
prospectus and the final prospectus, when available, which contain this
and other information about the Company, should be read carefully before
investing. This press release does not constitute an offer to sell or
the solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities or
any other securities 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.
The offering of the Preferred Stock may be made only by means of a
prospectus. Copies of the preliminary prospectus (and the final
prospectus, when available) may be obtained by writing Deutsche Bank
Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY
10005-2836, by calling toll-free 1-800-503-4611 or by sending an e-mail
to: prospectus.CPDG@db.com
or by writing Keefe, Bruyette & Woods, Inc., Attn: Equity Capital
Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling
toll-free 1-800-966-1559; copies may also be obtained by visiting EDGAR
on the Securities and Exchange Commission’s website at www.sec.gov.
ABOUT EAGLE POINT CREDIT COMPANY
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.
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
Copyright Business Wire 2015