- Eagle Point Credit Company Inc. (ECC, Financial) raises its offering of 7.00% Convertible Perpetual Preferred Stock to $200 million.
- The Preferred Stock offers monthly dividends with a 7.00% annual rate and is rated 'BBB' by Egan-Jones Ratings.
- The shares are available at $25 each and can be converted into common stock or cash, as per the company's discretion.
Eagle Point Credit Company Inc. (ECC) has expanded its continuous public offering of 7.00% Series AA and AB Convertible Perpetual Preferred Stock. The offering now encompasses up to 8,000,000 shares, priced at $25 each, aiming to raise $200 million in gross proceeds. This Preferred Stock offers dividend stability with a 7.00% annual rate paid monthly. Additionally, it holds a 'BBB' rating from the independent agency, Egan-Jones Ratings Company.
CEO Thomas Majewski highlighted the strong investor interest in the Preferred Stock, which promises principal stability, regular fixed dividends, and attractive liquidity amid market volatility. This capital enhancement aims to support Eagle Point Credit Company's strategic growth.
The Preferred Stock is perpetual and convertible, allowing holders the option to transform their shares into the company's common stock or opt for cash, based on ECC's discretion. The distribution is handled by Eagle Point Securities LLC, ECC's affiliate and a recognized member of FINRA and SIPC.
Prospective investors are advised to examine ECC's investment objectives, risks, and expenses thoroughly before investing. Complete details are available in the prospectus supplement dated April 18, 2025, and the base prospectus dated April 11, 2025, both accessible via the SEC's website.
Eagle Point Credit Company, known for focusing on equity and junior debt tranches of collateralized loan obligations, continues to strengthen its market presence while pursuing high current income and capital appreciation objectives.
