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Eagle Point Credit Co., 7.75% Series A Cumul Term Preferred Stock due 6/30/2022
Ticker Symbol: ECCA* CUSIP: 269809109 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/31/2020
Security has been Called for: Friday, January 31, 2020
December 18, 2019 -- Eagle Point Credit Company Inc. announced today that it will redeem all of the outstanding shares of its 7.75% Series A Term Preferred Stock (NYSE: ECCA) on January 31, 2020 , following which the Series A Term Preferred Stock will be delisted from the New York Stock Exchange. The redemption price per share of the Series A Term Preferred Stock will be $25 per share, plus an amount equal to all accrued and unpaid dividends and distributions on each share accumulated to (but excluding) the Redemption Date. The redemption of all of the outstanding shares of the Series A Term Preferred Stock is expected to result in interest savings through the original maturity date of the Series A Term Preferred Stock, but will also accelerate into net realized loss the remaining deferred issuance costs related to the issuance of the Series A Term Preferred Stock in the period such shares are redeemed. All of the Series A Term Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”) and the Series A Term Preferred Stock will be redeemed in accordance with the procedures of DTC. Payment to DTC for the shares of Series A Term Preferred Stock will be made by American Stock Transfer & Trust Company, LLC (the “Redemption and Paying Agent”). From and after the Redemption Date, the Series A Term Preferred Stock will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the shareholders of such shares will cease, except the right to receive the Redemption Price, without interest. The Redemption and Paying Agent can be reached by mail at American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, Attn: Corporate Actions or telephonically at (718) 921-8317. ____________ May 22, 2019–Eagle Point Credit Company Inc. (NYSE:ECC,ECCA,ECCB,ECCX, ECCY) today announced financial resultsfor the quarter ended March 31, 2019,net asset value (“NAV”)as of March31,2019 and certain portfolio activity through May 15,2019. The Company also announced that it will redeem 909,000 shares of its 7.75% Series A Term Preferred Stock (NYSE: ECCA) on June 28, 2019.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Eagle Point Credit Company, Inc., 7.75% Series A Cumulative Term Preferred Stock due 6/30/2022, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/29/2018 at $25 per share plus accrued and unpaid dividends, and mandatorily redeemable on 6/30/2022 at $25 per share plus accrued and unpaid dividends. Cumulative distributions of 7.75% ($1.9375 per annum or $0.161458 per month) will be paid monthly on the last business day of each month to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Company is required to redeem the preferred at $25 per share plus accrued and unpaid dividends if they fail to maintain an asset coverage ratio of 200% (see page 14 & 96 of the prospectus for further details). If the Company fails to redeem the preferred pursuant to the mandatory redemption required on 6/30/2022, or in any other circumstance in which the issuer is required to redeem the shares, then the Fixed Dividend Rate will increase by two percent (2.00%) for so long as such failure continues (see prospectus for further information). The dividends on the Series A Term Preferred Stock will not qualify for the dividend received deduction or for taxation as qualified dividend income (see page 81 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (ECC)
IPO - 5/13/2015 - 1.60 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: ECRPP Changed: 5/22/2015
Market Value $40.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 20 Horseneck Lane, Greenwich, CT 06830 |
| Main Phone Number |
203-862-3150 |
| Fax Number |
Not Available |
| Investor Relations
ICR, Inc.
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203-340-8510
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| CEO - Thomas P. Majewski |
CFO - Kenneth P. Onorio |
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