Eagle Point Credit Company Initiates Note Offering for Growth
Eagle Point Credit Company Inc. (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCX, ECCW, ECCV) is excited to announce a new chapter in its financial journey as it commences an underwritten public offering of unsecured notes due 2030, known as the "2030 Notes." This strategic move is designed to enhance the company's capital structure, enabling continued investment in growth opportunities.
Details of the Offering
The 2030 Notes will be made available in denominations of $25 and can be purchased in integral multiples of $25. They are anticipated to pay interest on a quarterly basis. The specific public offering price, together with additional terms, will be determined through negotiations between the company and the underwriters. This offering is notable, as the 2030 Notes have received a rating of 'BBB+' from Egan-Jones Ratings Company, an independent, third-party rating organization.
Underwriters' Role in the Offering
Leading this robust offering is Lucid Capital Markets, LLC, acting as the lead bookrunner. The offering also includes a team of joint bookrunners, including B. Riley Securities, Inc., Piper Sandler & Co., and Janney Montgomery Scott LLC, each contributing their expertise to ensure a smooth process. Additionally, InspereX LLC and William Blair & Company will serve as the lead managers, while Clear Street LLC and Wedbush Securities Inc. will co-manage the offering.
Important Considerations for Investors
As with any investment, potential investors are encouraged to carefully consider the company's investment objectives, risks, charges, and expenses before proceeding. For detailed information, the preliminary prospectus supplement and the accompanying prospectus provide essential insights into the company’s financial status and investment opportunities. It's crucial to read these documents thoroughly to make informed investment decisions.
Listing and Trading on the Exchange
Once the offering is complete, the 2030 Notes are expected to be listed on the New York Stock Exchange. Investors can look forward to trading these new notes under the ticker symbol "ECCU" within 30 days following their issue date. This public offering is anticipated to broaden the company's funding sources and facilitate further investment in its strategic initiatives.
About Eagle Point Credit Company
Eagle Point Credit Company is a non-diversified, closed-end management investment company focused on generating high current income while also seeking capital appreciation. The company primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs). Their external management and advisory services are provided by Eagle Point Credit Management LLC, dedicated to optimizing performance and shareholder value.
Frequently Asked Questions
What is the purpose of the 2030 Notes offering?
The 2030 Notes offering aims to enhance Eagle Point Credit Company's capital structure, allowing for further investments and growth opportunities.
How are the 2030 Notes structured?
The notes will be issued in denominations of $25 and are expected to pay quarterly interest, rated 'BBB+' by Egan-Jones Ratings Company.
Who are the underwriters involved in this offering?
Lucid Capital Markets, LLC is the lead bookrunner, and they are joined by B. Riley Securities, Piper Sandler & Co., and other experienced financial institutions.
When will the 2030 Notes be available for trading?
The 2030 Notes are anticipated to trade on the New York Stock Exchange under the ticker symbol "ECCU" within 30 days following the issue date.
What is the company's investment objective?
Eagle Point Credit Company aims to generate high current income and capital appreciation primarily through investing in equity and junior debt tranches of collateralized loan obligations.
