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Eagle Point declares special distribution, closes debt offering

Eagle Point Credit Co. Inc. has declared a special distribution of 45 cents per common share, payable Sept. 8 to stockholders of record as of Aug. 25.

The company in May announced that it expected to declare a special distribution in the range of 55 cents per share to 70 cents per share.

The company also closed an underwritten public offering of $27.5 million of its 6.75% notes due 2027 on Aug. 8. Net proceeds to the company from the offering were about $26.4 million, after payment of underwriting discounts, commissions and estimated offering expenses.

The underwriters fully exercised their overallotment option to purchase an additional $4.1 million of the notes, and that transaction is expected to close on Aug. 17.

For the second quarter, Eagle Point reported net income of $15.5 million, or 88 cents per share.