CLO owner Eagle Point Credit (ECC) has announced they will be selling a new term preferred with a mandatory redemption in 2029.
This will be a monthly payer.
The permanent ticker will be ECCF.
The company has many outstanding issues of term preferreds, traditional preferreds and baby bonds – all of which can be seen here.
The preliminary prospectus can be read here.
Thanks to J for catching this one.
Looks like they priced it as 8%. Interesting as the CCIA has an 8.75% coupon.
No less than “powerhouse” B Riley is running it.
https://www.eaglepointcreditcompany.com/documents/FG/eaglepoint/ir/630007_ECC_Prices_Offering_Of_Preferred_Stock.pdf
Also it looks like Ladenburg is the actual bookrunner based on where they tell you to go for more info..
Keep supporting my Landenburg notes!
Amen to that!