Eagle Point Credit Co. Inc. has priced a public offering of about $27.5 million aggregate principal amount of its 6.75% notes due 2027.
The company will receive net proceeds of about $26.4 million from the offering, after payment of underwriting discounts and commissions and estimated offering expenses.
Eagle Point Credit plans to use the net proceeds from the offering to acquire investments, to make distributions to the company's stockholders and for general working capital purposes.
The offering is expected to close Aug. 8, subject to customary closing conditions. The company plans to list the notes on the New York Stock Exchange under the symbol ECCY.
The notes will mature Sept. 30, 2027, and may be redeemed in whole or in part at any time or from time to time on or after Sept. 30, 2020. The notes will carry an annual interest rate of 6.75%, payable quarterly, with the first interest payment occurring Oct. 2.
Ladenburg Thalmann & Co. Inc. is acting as the lead book-running manager for the offering. FBR Capital Markets & Co., Oppenheimer & Co. Inc. and National Securities Corp. are acting as lead managers for the offering. BB&T Capital Markets and Incapital LLC are acting as co-managers.