Eagle Point Income Company Prices Term Preferred Issue

CLO holder Eagle Point Income (EIC) has finally priced their new term preferred stock offering.

The issue prices at 5.00% for 1.22 million shares.

The issue is a monthly payor with the 1st dividend to be paid on 11/30/2021.

Optional early redemption starts 10/31/2023 with mandatory redemption on 10/26/2026.

Egan Jones rates the issue BBB for what that is worth.

The permanent ticker is to be EICA–the OTC grey market ticker has not been announced.

The pricing term sheet can be found here.

7 thoughts on “Eagle Point Income Company Prices Term Preferred Issue”

  1. Spent a few mins on phone with Schwab trying to buy with just Cusip number..no cigar..they even called back to say trading starting on Fri, possibly by end of Thurs…FWIW

    1. Is it trading on the OTC market? I tried Schwab’s Bond desk with both the symbol (EICPV) and CUSIP to no avail.

      1. My orders are automatically getting canceled. I am on the phone right now with ally trying to explain why this sucks. Naturally it is a struggle…. I have been meaning to do this anyway.

        1. Ally was completely useless. This is currently on the grey market instead of expert but that did not matter either. It is almost like their system has completely blocked grey and expert. In the past were new preferred on the pink or what? I cannot recall.

          No matter I had previous orders executed with temp ticket symbols on the OTC… that new rule change is the catch all explanation why I am locked out.

      2. Schwab is giving quotes but says ticker is invalid–EICPV

        Edit: Tim, the captcha took nearly a minute–first buses then bikes then hydrants-has anything changed?

  2. Glad to see it out – but ouch – 5%. That’s pretty low for CLO assets – even the safer higher tier tranches than EIC owns relative to ECC or OXLC.

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