Greenwich, Conn.-based asset manager Eagle Point Credit Company has raised about $103.1 million for its IPO after pricing its over 5.15 million shares at $20 per share. The stock began trading Wednesday on the NYSE under the ticker symbol “ECC.” Deutsche Bank Securities and Keefe, Bruyette & Woods are the lead underwriters.
GREENWICH, Conn.–(BUSINESS WIRE)–Eagle Point Credit Company Inc. (NYSE:ECC) (the “Company”) today announced the pricing of its initial public offering of 5,155,301 shares of common stock at a public offering price of $20.00 per share, for gross proceeds to the Company of approximately $103.1 million. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 773,295 shares of common stock to cover overallotments, if any.
Shares of the Company’s common stock are expected to begin trading today on the New York Stock Exchange under the symbol “ECC” and the offering is expected to close on October 14, 2014, subject to customary closing conditions.
The Company is a newly organized, non-diversified, closed-end management investment company. The Company’s investment objective is to generate high current income and capital appreciation primarily through investment in equity and junior debt tranches of collateralized loan obligations. The Company is externally managed and advised by Eagle Point Credit Management LLC. The principals of Eagle Point Credit Management LLC are Thomas P. Majewski, Daniel W. Ko and Daniel M. Spinner.
Deutsche Bank Securities Inc. and Keefe, Bruyette & Woods, Inc. are the joint book-running managers for the offering. Wunderlich Securities, Inc., JMP Securities LLC, National Securities Corporation, Mitsubishi UFJ Securities (USA), Inc., Sterne, Agee & Leach, Inc. and Compass Point Research & Trading, LLC are acting as lead managers. GreensLedge Capital Markets LLC and Guggenheim Securities, LLC are acting as co-managers.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the shares of common stock referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
INVESTORS SHOULD CONSIDER THE COMPANY’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PRELIMINARY PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT THE COMPANY, SHOULD BE READ CAREFULLY BEFORE INVESTING.
Copies of the preliminary prospectus (and the final prospectus, when available) may be obtained by writing Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling toll-free 1-800-503-4611 or by sending an e-mail to: prospectus.CPDG@db.com or by writing Keefe, Bruyette & Woods, Inc., Attn: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free 1-800-966-1559; copies may also be obtained by visiting EDGAR on the Securities and Exchange Commission Web site, at www.sec.gov. A registration statement relating to the Company’s common stock was filed with, and declared effective by, the U.S. Securities and Exchange Commission.