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GREENWICH, Conn., December 05, 2024--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (the "Company") (NYSE:ECC, ECCC, ECC PRD, ECCF, ECCX, ECCW, ECCV) today announced that it has priced an underwritten public offering of $100 million aggregate principal amount of its 7.75% notes due 2030 (the "2030 Notes"), which will result in net proceeds to the Company of approximately $96.5 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. The 2030 Notes will mature on June 30, 2030, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after June 30, 2027. The 2030 Notes will be issued in denominations of $25 and integral multiples of $25 in excess thereof and will bear interest at a rate of 7.75% per year, payable quarterly, with the first interest payment occurring on March 31, 2025. The 2030 Notes are rated ‘BBB+’ by Egan-Jones Ratings Company, an independent, unaffiliated rating agency. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional $15 million aggregate principal amount of 2030 Notes to cover overallotments, if any.
The offering is expected to close on December 10, 2024, subject to customary closing conditions. The Company intends to list the 2030 Notes on the New York Stock Exchange under the symbol "ECCU".
Lucid Capital Markets, LLC is acting as the lead bookrunner for the offering. B. Riley Securities, Inc., Piper Sandler & Co. and Janney Montgomery Scott LLC are acting as joint bookrunners for the offering. InspereX LLC and William Blair & Company, L.L.C. are acting as lead managers for the offering. Clear Street LLC and Wedbush Securities Inc. are acting as co-managers for the offering.
Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing. The preliminary prospectus supplement dated December 3, 2024 and the accompanying prospectus dated June 9, 2023, which have been filed with the Securities and Exchange Commission ("SEC"), contain this and other information about the Company and should be read carefully before investing. The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell these securities and are not soliciting an offer to buy these securities in any state where such offer or sale is not permitted.