Eagle Point Income Co. prices Series B Preferred Stock offering
Ticker: EICC · Form: 8-K · Filed: Mar 13, 2024 · CIK: 1754836
| Field | Detail |
|---|---|
| Company | Eagle Point Income Co Inc. (EICC) |
| Form Type | 8-K |
| Filed Date | Mar 13, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $14.83, $14.93 |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, offering, financing
TL;DR
Eagle Point Income Co. is selling $25M in Series B preferred stock due 2028.
AI Summary
Eagle Point Income Company Inc. announced on March 12, 2024, that it has entered into an underwriting agreement for a public offering of its 7.75% Series B Term Preferred Stock due 2028. The company plans to offer 1,000,000 shares of this preferred stock, with an expected aggregate liquidation preference of $25,000,000.
Why It Matters
This offering will provide Eagle Point Income Co. with additional capital, potentially impacting its investment strategies and future dividend payouts.
Risk Assessment
Risk Level: medium — The company is issuing new preferred stock, which can dilute existing shareholders and increase financial leverage.
Key Numbers
- 1,000,000 — Shares Offered (Number of Series B Term Preferred Stock shares to be offered.)
- $25.0M — Aggregate Liquidation Preference (Total expected value of the Series B Term Preferred Stock offering.)
- 7.75% — Dividend Rate (Annual interest rate for the Series B Term Preferred Stock.)
- 2028 — Maturity Year (Year the Series B Term Preferred Stock is due.)
Key Players & Entities
- Eagle Point Income Company Inc. (company) — Registrant
- 7.75% Series B Term Preferred Stock due 2028 (security) — Offered security
- $25,000,000 (dollar_amount) — Aggregate liquidation preference of offered shares
- March 12, 2024 (date) — Date of earliest event reported
FAQ
What is the purpose of this public offering?
The filing does not explicitly state the purpose of the offering, but it is common for such capital raises to fund new investments or general corporate purposes.
What is the underwriting agreement?
An underwriting agreement is a contract between an issuer of securities and an investment bank (underwriter) that details the terms of the sale of the securities to the public.
What is the liquidation preference of the Series B Term Preferred Stock?
The aggregate liquidation preference for the 1,000,000 shares of 7.75% Series B Term Preferred Stock due 2028 is expected to be $25,000,000.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on March 12, 2024.
What is the ticker symbol for Eagle Point Income Company Inc.?
The ticker symbol is not provided in this 8-K filing.
Filing Stats: 415 words · 2 min read · ~1 pages · Grade level 9.5 · Accepted 2024-03-12 19:19:58
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share EIC New York Stock Exchan
- $14.83 — ock as of February 29, 2024 was between $14.83 and $14.93. SIGNATURE Pursuant to th
- $14.93 — ebruary 29, 2024 was between $14.83 and $14.93. SIGNATURE Pursuant to the requireme
Filing Documents
- tm248685d1_8k.htm (8-K) — 31KB
- 0001104659-24-033578.txt ( ) — 248KB
- eic-20240312.xsd (EX-101.SCH) — 4KB
- eic-20240312_def.xml (EX-101.DEF) — 26KB
- eic-20240312_lab.xml (EX-101.LAB) — 37KB
- eic-20240312_pre.xml (EX-101.PRE) — 25KB
- tm248685d1_8k_htm.xml (XML) — 7KB
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 February 29, 2024 was between $14.83 and $14.93. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, Eagle Point Income Company Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Eagle Point Income Company Inc. Date: March 12, 2024 By: /s/ Kenneth P. Onorio Kenneth P. Onorio Chief Financial Officer and Chief Operating Officer