Eagle Point Credit Company Inc. Announces Full Redemption of the 7.75% Series B Term Preferred Stock Due 2026 and 6.75% Notes Due 2027 and Partial Redemption of the 6.6875% Notes Due 2028
January 14, 2022 at 04:30 pm EST
Share
Eagle Point Credit Company Inc. announced that it will redeem (i) all of the outstanding shares of its 7.75% Series B Term Preferred Stock due 2026 (Series B Term Preferred Stock) on February 28, 2022 (the Series B Redemption Date), (ii) all of the aggregate principal amount of the outstanding 6.75% notes due 2027 (the 2027 Notes) on February 14, 2022 (the 2027 Notes Redemption Date) and (iii) 50%, or $32,423,775 aggregate principal amount of the outstanding 6.875% notes due 2028 (the 2028 Notes) on February 14, 2022 (the 2028 Notes Redemption Date). The redemption price of the Series B Term Preferred Stock will be $25 per share, plus an amount equal to all unpaid dividends and distributions on each share accumulated to, but excluding, the Series B Redemption Date, without interest thereon. The redemption price of the 2027 Notes will be $25 plus accrued and unpaid interest through, but excluding, the 2027 Notes Redemption Date.
The redemption price for the 2028 Notes will be $25 plus accrued and unpaid interest through, but excluding, the 2028 Notes Redemption Date. All of the Series B Preferred Stock, the 2027 Notes and the 2028 Notes are held in book-entry form through The Depository Trust Company (DTC) and the Series B Term Preferred Stock, 2027 Notes and 2028 Notes will each be redeemed in accordance with the procedures of DTC. Payment to DTC for the shares of Series B Term Preferred Stock, the 2027 Notes and the 2028 Notes will be made by American Stock Transfer & Trust Company, LLC, (the Redemption and Paying Agent).
From and after each of the applicable redemption dates, the Series B Term Preferred Stock, the 2027 Notes and the 2028 Notes being redeemed will no longer be deemed outstanding, dividends or interest will cease to accumulate and all the rights of the holders of such shares and/or notes will cease, except the right to receive the applicable redemption price.
Eagle Point Credit Company Inc. is a non-diversified, closed-end management investment company. The Companyâs primary investment objective is to generate high current income with a secondary objective to generate capital appreciation. The Company seeks to achieve these objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations (CLOs) and may also invest in other securities or instruments that are related investments or that are consistent with its investment objectives. The Company invests in various industries, including technology software and services; media; health care providers and services; hotels, restaurants and leisure; diversified financial services; diversified telecommunication services; commercial services & supplies; insurance; technology: hardware and equipment, and chemicals. The Company is externally managed and advised by Eagle Point Credit Management LLC.
Eagle Point Credit Company Inc. Announces Full Redemption of the 7.75% Series B Term Preferred Stock Due 2026 and 6.75% Notes Due 2027 and Partial Redemption of the 6.6875% Notes Due 2028