Eagle Point Income (EIC) has filed a preliminary prospectus for an issue of term preferred stock.
EIC differs from most of the CLO (collateralized loan obligations) holders in that their holdings are mostly from the debt tranche of the CLO–superior in quality as compared the the equity tranche.
The company which filed a registration statement for this issue back on 8/24/2021 will sell their 1st issue of publicly traded leverage–they do have some borrowings under their credit facility on the books.
This is to be a monthly payor and should trade under ticker EICA when it hits the NASDAQ.
mbg was on top of this one with EarlyBird positng yield talk in the 5.00% to 5.25% area.