Eagle PointCredit Co. Inc. has started a public offering of 1 million sharesof its series B term preferred stock due 2026.
The underwriters will have a 30-day option to buy up to an additional150,000 preferred shares to cover any overallotments.
The company expects to receive net proceeds of about $23.7million, or approximately $27.3 million if underwriters fully exercise theoverallotment option. Eagle Point Credit intends to use the offering's netproceeds to acquire investments in accordance with its investment objectivesand for general working capital purposes.
Keefe Bruyette & Woods is the book-running manager forthe offering. FBR Capital Markets & Co. and Wunderlich Securities Inc. areco-lead managers. MUFG Securities Americas Inc. and National Securities Corp.are co-managers.