14 thoughts on “Eagle Point Credit to Sell New Preferred”

  1. NEW PREFERRED:
    Credit Rating:
    Egan Jones: BBB
    Coupon Talk:
    6.500% – 6.625% area

          1. Is ECCD’s older brother ECCB, which become first callable 10/30 is callable any time as listed here or next callable Dec 18,2021 as per Schwab?

            1. mSquare,

              The IPO prospectus states that it can be redeemed at any time (unlike some preferreds, which can be redeemed only on a dividend pay date).
              Here’s the text from page S-23 of the IPO prospectus (link on QOL):
              “Optional Redemption. The Series B Term Preferred Stock may, at our sole option, be redeemed, in whole or in part, at any time after October 29, 2021, …”
              I don’t know if there’s been any revision to this prospectus, such that they can now redeem only on a pay date.

              1. Keep in mind the Use Of Proceeds from this new issue of ECCD –

                We intend to use the proceeds from the sale of the Series D Preferred Stock pursuant to this prospectus supplement to acquire investments in accordance with our investment objectives and strategies described in this prospectus supplement and the accompanying prospectus and documents incorporated by reference, for general working capital purposes, including, as applicable, making distributions to our stockholders, and/or to redeem all or a portion of our outstanding Series B Term Preferred Stock. As of November 15, 2021, we had approximately $53.9 million in aggregate principal value outstanding of our Series B Term Preferred Stock.

  2. “In addition, we may also use all or a portion of the net proceeds from the sale of our securities to repay any outstanding indebtedness or preferred stock at the time of the offering, including the Series B Term Preferred Stock, if applicable, on which we intend to pay monthly dividends at a fixed annual rate of 7.75% of the liquidation preference and which we would otherwise be required to redeem on October 30, 2026.”

    Good bye ECCB?

  3. It’s not a term issue.

    “ The Series D Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed…”

    1. Interesting that they are going away from term preferred. I really like term preferred but they are getting harder and harder to find.

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