Form 8-K - Current report
May 08 2024 - 3:54PM
Edgar (US Regulatory)
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Eagle Point Credit Co Inc.
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the
Securities Exchange
Act of 1934
Date of Report (Date
of earliest event reported): May
6, 2024
Eagle Point Credit Company Inc.
(Exact name of Registrant
as specified in its charter)
Delaware |
|
811-22974 |
|
47-2215998 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
600 Steamboat Road, Suite 202, Greenwich,
CT 06830
(Address of Principal Executive Offices) (Zip
Code)
Registrant’s
telephone number, including area code: (203) 340-8500
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange
on which registered |
Common Stock, par value $0.001 per share |
|
ECC |
|
New York Stock Exchange |
6.50% Series C Term Preferred Stock due 2031 |
|
ECCC |
|
New York Stock Exchange |
6.75% Series D Preferred Stock |
|
ECC PRD |
|
New York Stock Exchange |
8.00% Series F Term Preferred Stock due 2029 |
|
ECCF |
|
New York Stock Exchange |
6.6875% Notes due 2028 |
|
ECCX |
|
New York Stock Exchange |
6.75% Notes due 2031 |
|
ECCW |
|
New York Stock Exchange |
5.375% Notes due 2029 |
|
ECCV |
|
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
¨
Emerging growth company
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Update on Offering
of Convertible and Perpetual Preferred Stock
On
May 6, 2024, Eagle Point Credit Company Inc. (the “Company”) held an initial closing for its 7.00% Series AA Convertible
and Perpetual Preferred Stock. Pursuant to a Dealer Manager Agreement by and between the Company and Eagle Point Securities LLC (the
“Dealer Manager”), the Dealer Manager has agreed to serve as the Company’s agent and dealer manager for the Company’s
continuous offering through the Dealer Manager and the broker-dealers and other financial intermediaries participating in the offering
(the “Selling Agents”) of up to 4,000,000 shares ($100 million in aggregate liquidation preference) (the “Offering”),
of the Company’s 7.00% Series AA Convertible and Perpetual Preferred Stock and the Company’s 7.00% Series AB Convertible
and Perpetual Preferred Stock (collectively, the “Convertible Preferred Stock”).
The
Offering is being made pursuant to an effective registration statement on Form N-2 (333-269139) (the “Registration Statement”),
filed with the United States Securities and Exchange Commission (the “SEC”), including a prospectus supplement dated March
22, 2024, and a base prospectus dated June 9, 2023 (collectively, the “Prospectus”). The material terms of the Convertible Preferred
Stock are described in the Prospectus.
Update to Risk Factors
The
Company is including the below update to its risk factors for the purpose of supplementing and updating the disclosure contained in the
Registration Statement.
The consideration paid upon a
Holder Optional Conversion or Issuer Optional Conversion of the Convertible Preferred Stock is uncertain and may result in dilution to
our common stockholders.
The conversion
rate for a Holder Optional Conversion and, if we have the required stockholder approval under the 1940 Act to issue our common stock below
NAV (which, as of the date hereof, we have no intention to seek), the conversion rate for an Issuer Optional Conversion, are both based
on the arithmetic average of the daily volume weighted average price per share of our common stock over each of the five (5) consecutive
trading days ending on the date of such conversion, or the “Conversion Price,” which may represent a discount to the then-current
NAV per share of our common stock. Any conversions effected at a price below the then-current NAV per share of our common stock would
result in immediate dilution in the economic and voting interests of existing common stockholders (including former holders of Convertible
Preferred Stock who had previously converted their holdings to common stock).
There is no cap on the number
of shares of our common stock that can be issued upon the conversion of shares of Convertible Preferred Stock. The conversion of Convertible
Preferred Stock into shares of common stock could cause the price of our common stock to decline significantly.
There is no cap
on the number of shares of our common stock that can be issued upon the conversion of shares of Convertible Preferred Stock. Because the
number of shares of our common stock issued upon conversion of the Convertible Preferred Stock will be based on the then-current price
of shares of our common stock, the lower the price of our common stock at the time of conversion, the more shares of our common stock
into which the Convertible Preferred Stock is convertible and the greater the dilution that will be experienced by holders of our common
stock. Accordingly, there is no limit on the amount of dilution that may be experienced by holders of our common stock.
Given the potential
for dilution, the offering of the Convertible Preferred Stock may be followed by a decline in the price of our common stock, creating
additional dilution to the existing holders of the common stock. Such a price decline would allow holders of Convertible Preferred Stock
to convert shares of Convertible Preferred Stock into larger amounts of our common stock. If, following such a price decline, shares of
our common stock are issued upon conversion of the Convertible Preferred Stock, our common stock price may decline further. The potential
decline in the price of our common stock described above may negatively affect our ability to obtain financing in the future.
Additionally, the
issuance of the Convertible Preferred Stock could result in our failure to comply with NYSE’s listing standards under certain circumstances.
NYSE’s listing standards that may be affected by the issuance of the Convertible Preferred Stock include voting rights rules, bid
price requirements, listing of additional shares rules, change in control rules and NYSE discretionary authority rules. Failure to comply
with any of these rules could result in the delisting of the Company’s securities from the NYSE or impact the ability to list the
Convertible Preferred Stock on a national securities exchange in the future.
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:
May 6, 2024 |
By: |
/s/ Kenneth P. Onorio |
|
|
Kenneth P. Onorio |
|
|
Chief Financial Officer and Chief Operating Officer |
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