Eagle PointCredit Co. Inc. priced an underwritten public of 1,200,000 shares of its7.75% series B term preferred stock due 2026 at $25 per share.
The offering will result in net proceeds to the company ofabout $28.5 million after payment of underwriting discounts and commissions andestimated offering expenses.
The underwriters were granted a 30-day option to purchase upto an additional 180,000 shares of preferred stock to cover any overallotments.
Eagle Point Credit intends to list the preferred stock onthe NYSE under the symbol ECCB. The company plans to use the offering's netproceeds to acquire investments in accordance with its investment objectivesand strategies and for general working capital purposes.
The offering is expected to close Oct. 11.
Keefe Bruyette & Woods is the book-running manager forthe offering. FBR Capital Markets & Co. and Wunderlich Securities Inc. arethe co-lead managers, while MUFG Securities Americas Inc. and NationalSecurities Corp. are the co-managers.