Eagle Point Credit Company Inc. Announces Exercise of Overallotment Option in Offering of Common Stock
May 05 2017 - 3:05PM
Business Wire
Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC,
NYSE:ECCA, NYSE:ECCB, NYSE:ECCZ) today announced that it has
completed the sale of an additional 202,500 shares of its common
stock pursuant to the exercise by the underwriters of the
overallotment option granted to them in connection with the public
offering of 1,350,000 shares of its common stock, which was
completed on April 25, 2017. The exercise of the overallotment
option resulted in additional net proceeds to the Company of
approximately $3.8 million after payment of underwriting discounts
and commissions and a structuring fee payable by the Company.
The Company plans to use the net proceeds from the offering of
its common stock to acquire investments in accordance with its
investment objectives and strategies and for general working
capital purposes.
Keefe, Bruyette & Woods, A Stifel Company acted as sole
book-running manager for the offering. Ladenburg Thalmann & Co.
Inc., Oppenheimer & Co. Inc. and Wunderlich Securities, Inc.
acted as passive book-runners for the offering. FBR Capital Markets
& Co., MUFG Securities Americas Inc. and National Securities
Corporation, a wholly owned subsidiary of National Holdings
Corporation (NASDAQ:NHLD), acted as co-managers for the
offering.
Investors should consider the Company’s investment
objectives, risks, charges and expenses carefully before investing.
The prospectus supplement dated April 20, 2017 and the accompanying
prospectus dated September 16, 2016, which have been filed with the
Securities and Exchange Commission (“SEC”), contain this and other
information about the Company and should be read carefully before
investing. The prospectus supplement, the accompanying
prospectus and this press release are not offers to sell these
securities and are not soliciting an offer to buy these securities
in any state where such offer or sale is not permitted.
A shelf registration statement relating to these securities is
on file with and has been declared effective by the SEC. Copies
of the prospectus and related prospectus supplement may be obtained
by writing Keefe, Bruyette & Woods, Inc. at Attn: Equity
Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019,
by calling toll-free 1-800-966-1559 or by sending an e-mail to:
syndprospectus@stifel.com;
copies may also be obtained by visiting EDGAR on the SEC’s website
at http://www.sec.gov.
ABOUT EAGLE POINT CREDIT COMPANY
The Company is a non-diversified, closed-end management
investment company. The Company’s investment objectives are to
generate high current income and capital appreciation primarily
through investment in equity and junior debt tranches of
collateralized loan obligations. The Company is externally managed
and advised by Eagle Point Credit Management LLC. The
principals of Eagle Point Credit Management LLC are
Thomas P. Majewski, Daniel W. Ko and Daniel M.
Spinner.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described in the
prospectus and the Company’s other filings with the SEC. The
Company undertakes no duty to update any forward-looking statement
made herein. All forward-looking statements speak only as of the
date of this press release.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
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