4/7/2025
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CLO owner Eagle Point Institutional Income Fund has priced their new term preferred stock offering. The common shares are not publicly traded.
The issue prices at 8.125% and has a mandatory redemption 10/31/2029.
The issue is a monthly dividend payer.
The company is selling 1,240,000 shares with over allotment shares of 186,000.
The Eagle Point Institutional Income Fund–a non traded closed end fund (CEF) has announced they are selling 1 million shares of a new term preferred stock.
This is another collateralized loan obligation company under the Eagle Point umbrella.
Their announcement can be read here. Shares will trade on the NYSE.
The original preliminary prospectus from late last week can be read here.
Below is the detail table for the new term preferred from CLO closed end fund (CEF) from late last week.
The pricing term sheet is here.
OCCI has 2 other term preferreds currently outstanding
As of 7/31/2024 OCCI had an asset coverage ratio of 289%.
Closed end fund OFS Credit (OCCI) has sold a term preferred issue.
This actually occurred earlier in the week.
The issue is priced at 7.875%.
The prospectus with pricing is here.
I am unable to post the normal table with details since I am out of town, but will get it caught up over the weekend.
Aircraft leasing company Air Lease (AL) has announced a new issuance of $1000/share fixed rate preferreds. The company will be redeeming their 6.15% fixed to floating rate preferred (AL-A) which became callable on 3/31/2024 and is now floating with a current coupon around 9%.