Eagle Point Credit Prices Public Offering of 1.4M Shares Of Series F Preferred Stock
Portfolio Pulse from Benzinga Newsdesk
Eagle Point Credit Company has priced an underwritten public offering of 1.4 million shares of its 8.00% Series F Term Preferred Stock due 2029 at $25 per share. The offering is expected to yield net proceeds of approximately $33.6 million after underwriting discounts, commissions, and estimated offering expenses.
January 12, 2024 | 6:24 am
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Eagle Point Credit Company's public offering of Series F Preferred Stock is expected to raise approximately $33.6 million in net proceeds for the company.
The offering of preferred stock will increase Eagle Point Credit's capital, which could be used for various corporate purposes. While this may dilute existing shareholders, the impact on the stock price is likely to be neutral in the short term as the market has anticipated this offering. The importance is significant as it pertains to the company's capital structure, but not critical as it is a routine capital raising activity.
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