QUANTUMONLINE.COM SECURITY DESCRIPTION: Eagle Point Credit Company, Inc., 5.375% Notes due 2029, issued in $25 denominations, redeemable at the issuer's option on or after 01/31/2025 at $25 per note plus accrued and unpaid interest, and maturing 01/31/2029. Interest distributions of 5.375% per annum ($1.34375 per annum or $0.3359375 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be 3/15, 6/15, 9/15 & 12/15 respectively (NOTE: the ex-dividend date is the record date).
If the issuer fails to maintain asset coverage the issuer will be required to redeem an aggregate principal amount of securities (see prospectus for further information).
Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders.
Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest.
This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BBB+ by the Egan-Jones Rating Co. at the date of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
