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Eagle Point Credit prices preferred stock offering


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Eagle Point Credit prices preferred stock offering

Eagle Point Credit Co. Inc. priced an underwritten public offering of 400,000 shares of its previously designated 7.75% series B term preferred stock due 2026 at $25.00 per share.

The underwriters were granted a 30-day option to purchase up to an additional 60,000 shares of preferred stock to cover any overallotments.

The offering's net proceeds are expected to be about $9.4 million after payment of underwriting discounts and commissions and estimated offering expenses. Eagle Point Credit plans to use the offering's net proceeds to acquire investments and strategies and for general working capital purposes.

The offering is expected to close Dec. 15. The preferred stock is listed on the NYSE under the symbol ECCB.

Keefe Bruyette & Woods is the sole book-running manager for the offering. FBR Capital Markets & Co., Ladenburg Thalmann & Co. Inc., MUFG Securities Americas Inc. and Wunderlich Securities Inc. are co-managers.