CLO owner (collateralized loan obligation) company Eagle Point Credit (ECC) has announced they are selling a new issue of notes ($25 baby bonds).
The company MAY use the proceeds to redeem either the ECCB 7.75% term preferred and/or the 6.687% notes (ECCX) and/or the 6.5% (ECCY) notes.
The issue will have a maturity date in 2029–there will be a optional early redemption available to the company but the dates have not been announced.
The notes are rated BBB+ by Egan Jones.
Eagle Point Credit has term preferreds, perpetual preferreds and baby bonds currently outstanding–they can be seen here.
mbg was on this one and Larry Robard chimed in with yield talk in the 5.25-5.375% area.