Eagle Point Credit Co. 8-K Flags Potential Material Agreement on Securities

TL;DR

**Eagle Point Credit Co. just flagged potential changes to its stock and debt agreements, watch for details!**

AI Summary

Eagle Point Credit Company Inc. filed an 8-K on January 16, 2024, reporting an event on January 11, 2024, related to its various securities, including Common Stock, 6.50% Series C Term Preferred Stock Due 2031, 6.75% Series D Preferred Stock, 6.6875% Notes Due 2028, 6.75% Notes Due 2031, and 5.375% Notes Due 2029. This filing indicates potential material definitive agreements or modifications to security holder rights concerning these specific financial instruments. For investors, this matters because any changes to these agreements or rights could impact the value, yield, or risk profile of their holdings in Eagle Point Credit Company Inc.

Why It Matters

This filing signals that Eagle Point Credit Company Inc. may have entered into new agreements or modified existing ones for its various securities, which could directly affect the terms and value for current and prospective investors.

Risk Assessment

Risk Level: medium — The filing indicates potential material changes to security holder rights or definitive agreements, which could be positive or negative, introducing uncertainty.

Analyst Insight

Investors should closely monitor subsequent filings or company announcements for specific details regarding the nature of the material definitive agreements or modifications to security holder rights, as these will clarify the actual impact on their investments in Eagle Point Credit Company Inc.'s various securities.

Key Players & Entities

• Eagle Point Credit Company Inc. (company) — the registrant filing the 8-K
• Common Stock (security) — one of the securities potentially affected
• 6.50% Series C Term Preferred Stock Due 2031 (security) — one of the securities potentially affected
• 6.75% Series D Preferred Stock (security) — one of the securities potentially affected
• 6.6875% Notes Due 2028 (security) — one of the securities potentially affected
• 6.75% Notes Due 2031 (security) — one of the securities potentially affected
• 5.375% Notes Due 2029 (security) — one of the securities potentially affected
• January 11, 2024 (date) — date of the earliest event reported
• January 16, 2024 (date) — date the 8-K was filed

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share ECC New York Stock Exchan
• $25 — equal to the liquidation preference of $25 per share (the "Liquidation Preference"
• $2.00 — of 8.00% of the Liquidation Preference ($2.00 per share per year) (the "Dividend Rate
• $9.16 — k as of December 31 , 20 23 was between $9.16 and $9.26. In addition, management's u
• $9.26 — cember 31 , 20 23 was between $9.16 and $9.26. In addition, management's unaudited e
• $0.31 — r ended December 31 , 20 23 was between $0.31 and $0.35. Item 9.01. Financial State
• $0.35 — cember 31 , 20 23 was between $0.31 and $0.35. Item 9.01. Financial Statements and

Filing Documents

• tm243431d1_8k.htm (8-K) — 59KB
• tm243431d1_ex1-1.htm (EX-1.1) — 204KB
• tm243431d1_ex3-1.htm (EX-3.1) — 98KB
• tm243431d1_ex5-1.htm (EX-5.1) — 15KB
• tm243431d1_ex5-1img001.jpg (GRAPHIC) — 3KB
• 0001104659-24-004178.txt ( ) — 698KB
• ecc-20240111.xsd (EX-101.SCH) — 4KB
• ecc-20240111_def.xml (EX-101.DEF) — 28KB
• ecc-20240111_lab.xml (EX-101.LAB) — 38KB
• ecc-20240111_pre.xml (EX-101.PRE) — 26KB
• tm243431d1_8k_htm.xml (XML) — 9KB

01

Item 1.01. Entry into a Material Definitive Agreement. On January 11, 2024, Eagle Point Credit Company Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") by and among the Company, Eagle Point Credit Management LLC, Eagle Point Administration LLC and Ladenburg Thalmann & Co. Inc., as representative of the several underwriters named therein, in connection with the issuance and sale of 1,400,000 shares (the "Offering") of the Company's 8.00% Series F Term Preferred Stock due 2029 (the "Series F Term Preferred Stock"). The closing of the Offering is expected to occur on January 18, 2024, subject to customary closing conditions. The representative of the underwriters in the Offering may exercise an option to purchase up to an additional 210,000 shares of Series F Term Preferred Stock within 30 days of January 11, 2024. The Series F Term Preferred Stock are expected to be listed on the New York Stock Exchange and to trade under the trading symbol "ECCF". The Offering was made pursuant to an effective registration statement on Form N-2 (333-269139), filed with the Securities and Exchange Commission (the "Commission"). In connection with the Offering, on January 12, 2024, the Company filed with the Secretary of State of the State of Delaware a Certificate of Designation of 8.00% Series F Term Preferred Stock due 2029 (the "Certificate of Designation for the Series F Term Preferred Stock"), designating a total of 3,000,000 shares of preferred stock as Series F Term Preferred Stock. The foregoing description of the terms of the Underwriting Agreement and the Certificate of Designation for the Series F Term Preferred Stock are not complete and are qualified in their entirety by reference to the full text of the Underwriting Agreement and the Certificate of Designation for the Series F Term Preferred Stock, copies of which are filed as Exhibits 1.1 and 3.1 to this Current Report on Form 8-K and incorporated by reference herein.

03

Item 3.03. Material Modification to Rights of Security Holders. The information set forth under Item 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

03

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal year Series F Term Preferred Stock On January 12 , 2024, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation for the Series F Term Preferred Stock, which designates a total of 3,000,000 shares of preferred stock as Series F Term Preferred Stock, with the following terms: Liquidation Preference. In the event of a liquidation, dissolution or winding up of the Company's affairs, holders of Series F Term Preferred Stock will be entitled to receive a liquidation distribution equal to the liquidation preference of $25 per share (the "Liquidation Preference"), plus an amount equal to accumulated but unpaid dividends, if any, on such shares (whether or not earned or declared, but excluding interest on such dividends) to, but excluding, the payment date. Dividends . The Company intends to pay monthly dividends on the Series F Term Preferred Stock at a fixed annual rate of 8.00% of the Liquidation Preference ($2.00 per share per year) (the "Dividend Rate"). The Company's board of directors may determine not to pay, or may be precluded from paying, such dividends if the board of directors believes it is not in the best interest of the Company's stockholders or if the Company fails to maintain the asset coverage required by the Investment Company Act of 1940, as amended (the "1940 Act"). If the Company fails to redeem the Series F Term Preferred Stock as required on the Mandatory Redemption Date (as defined below) or fails to pay any dividend on the payment date for such dividend, the Dividend Rate will increase by 2% per annum until the Company redeems the Series F Term Preferred Stock or pays the dividend, as applicable. The Dividend Rate will be computed on the basis of a 360-day year consisting of twelve 30-day months. Cumulative cash dividends on each share of Series F Term Preferred Stock will be payable monthly, when, as and if declared

01

Item 8.01. Other Events. Management's unaudited estimate of the range of the net asset value per share of our common stock as of December 31 , 20 23 was between $9.16 and $9.26. In addition, management's unaudited estimate of the range of our net investment income and realized gain/loss per share of our common stock for the quarter ended December 31 , 20 23 was between $0.31 and $0.35.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits EXHIBIT NUMBER DESCRIPTION 1.1 Underwriting Agreement, dated January 11, 2024, by and among the Company, Eagle Point Credit Management LLC, Eagle Point Administration LLC and Ladenburg Thalmann & Co. Inc. 3.1 Certificate of Designation of 8.00% Series F Term Preferred Stock due 2029. 5.1 Opinion of Dechert LLP 23.1 Consent of Dechert LLP (contained in the opinion to be filed as Exhibit 5.1) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, Eagle Point Credit Company Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Eagle Point Credit Company Inc. Date: January 16, 2024 By: /s/ Kenneth P. Onorio Kenneth P. Onorio Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR