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Holders of Eagle Point Credit Term Preferred Get a Call

Late today CLO holder Eagle Point Credit Company (ECC) announced the full redemption of the Series A 7.75% Term Preferred (ECCA) issue.

This should really come as no surprise as the company had redeemed 900,000 shares back in May.

The issue closed today at $25.95. With the redemption date being 1/31/2020 holders will receive 2 dividends yet (it is a monthly payer) of around 16 cents (32 cents in total). So holders today will see a capital loss of around 63 cents.

Thanks to Affinity4Investing for being right on top of this call notice.

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