Eagle Point Credit Offers $50 Mln of Unsecured Notes

Shutterstock photo

Eagle Point Credit ( ECC ), a closed-end fund, said pre-market Tuesday that it has started an underwritten public offering of $50 million of unsecured notes due 2028.

The 2028 notes will be issued in denominations of $25 and integral multiples of $25 in excess thereof and are expected to pay interest quarterly.

The terms of the 2028 notes are to be determined by negotiations between the company and the underwriters.

The company also plans to grant the underwriters a 30-day option to buy up to an additional $7.5 million of 2028 notes to cover over-allotments, if any.

The company said it will use the net proceeds to redeem the company's unsecured notes due 2020, to acquire investments, to make distributions to the company's stockholders and for general working capital purposes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , ETFs
Referenced Symbols: ECC

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?