Eagle Point Credit Co. prices $75M Preferred Stock Offering
Ticker: ECCW · Form: 8-K · Filed: Jul 30, 2024 · CIK: 1604174
| Field | Detail |
|---|---|
| Company | Eagle Point Credit Co Inc. (ECCW) |
| Form Type | 8-K |
| Filed Date | Jul 30, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $0.14, $0.02 |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, offering, financing
Related Tickers: ECC
TL;DR
Eagle Point Credit Co. is raising $75M via preferred stock offering closing Aug 5.
AI Summary
Eagle Point Credit Company Inc. announced on July 30, 2024, that it has entered into an underwriting agreement for a public offering of its Series I Fixed-Rate Term Preferred Stock, with an expected closing date of August 5, 2024. The company plans to offer 3,000,000 shares at a price of $25.00 per share, aiming to raise gross proceeds of approximately $75 million before deducting underwriting discounts and commissions.
Why It Matters
This offering will provide Eagle Point Credit Company with additional capital, potentially impacting its investment strategies and ability to manage its debt obligations.
Risk Assessment
Risk Level: medium — The company is issuing new preferred stock, which could dilute existing shareholders or indicate a need for capital, while the success of the offering depends on market conditions.
Key Numbers
- $75 million — Gross Proceeds (Expected capital to be raised from the preferred stock offering.)
- 3,000,000 — Shares Offered (The total number of Series I Fixed-Rate Term Preferred Stock shares to be offered.)
- $25.00 — Price Per Share (The offering price for each share of preferred stock.)
Key Players & Entities
- Eagle Point Credit Company Inc. (company) — Registrant
- July 30, 2024 (date) — Date of Report
- August 5, 2024 (date) — Expected Closing Date
- 3,000,000 (dollar_amount) — Number of shares offered
- $25.00 (dollar_amount) — Price per share
- $75 million (dollar_amount) — Gross proceeds
FAQ
What is the specific series of preferred stock being offered?
The company is offering its Series I Fixed-Rate Term Preferred Stock.
What is the expected closing date for this offering?
The expected closing date for the offering is August 5, 2024.
What are the total gross proceeds anticipated from this offering?
The company anticipates gross proceeds of approximately $75 million.
How many shares of preferred stock are being offered?
The company plans to offer 3,000,000 shares of Series I Fixed-Rate Term Preferred Stock.
What is the price per share for the preferred stock offering?
The offering price is $25.00 per share.
Filing Stats: 520 words · 2 min read · ~2 pages · Grade level 9.7 · Accepted 2024-07-30 16:41:56
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share ECC New York Stock Exchan
- $0.14 — parate monthly regular distributions of $0.14 per share on its common stock, payable
- $0.02 — e monthly supplemental distributions of $0.02 per share on its common stock, payable
Filing Documents
- tm2420496d1_8k.htm (8-K) — 38KB
- 0001104659-24-083999.txt ( ) — 282KB
- ecc-20240730.xsd (EX-101.SCH) — 5KB
- ecc-20240730_def.xml (EX-101.DEF) — 28KB
- ecc-20240730_lab.xml (EX-101.LAB) — 39KB
- ecc-20240730_pre.xml (EX-101.PRE) — 27KB
- tm2420496d1_8k_htm.xml (XML) — 11KB
01
Item 8.01. Other Events. The Company has declared three separate monthly regular distributions of $0.14 per share on its common stock, payable on each of October 31, 2024, November 29, 2024 and December 31, 2024 to stockholders of record on October 11, 2024, November 12, 2024 and December 11, 2024, respectively. Additionally, the Company has declared three monthly supplemental distributions of $0.02 per share on its common stock, payable on each of October 31, 2024, November 29, 2024 and December 31, 2024 to stockholders of record on October 11, 2024, November 12, 2024 and December 11, 2024, respectively. 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: July 30, 2024 By: /s/ Kenneth P. Onorio Kenneth P. Onorio Chief Financial Officer and Chief Operating Officer