Eagle Point Income Company (EIC) will be selling a new issue of Term Preferred Stock. This will be a monthly payor.
EIC is the sister (or maybe it is brother) company to Eagle Point Credit Company (ECC) who has issued term preferreds for years.
Like ECC, Eagle Point Income is a CLO (collateralized loan obligation) owner and they must maintain 200% asset coverage.
Thanks to ken for catching this one.