Eagle Point Credit Company Inc | 6.50% Series C Cumul Term Preferred Stock due 06/30/2031 (ECCC)
Prospectus excerpt: We are offering 1,060,000 shares of our 6.50% Series C Term Preferred Stock due 2031, or the “Series C Term Preferred Stock.” We are required to redeem all outstanding shares of the Series C Term Preferred Stock on June 30, 2031, at a redemption price of $25 per share, or the “Liquidation Preference,” plus accumulated but unpaid dividends, if any, to, but excluding, the Redemption Date (as defined below). At any time on or after June 16, 2024, we may, at our sole option, redeem the outstanding shares of the Series C Term Preferred Stock at a redemption price per share equal to the Liquidation Preference plus accumulated but unpaid dividends, if any, to, but excluding, the Redemption Date. In addition, if we fail to maintain asset coverage of at least 200%, we will be required to redeem the number of shares of our preferred stock (which at our discretion may include any number or portion of the Series C Term Preferred Stock) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, (1) results in us having asset coverage of at least 200%, or (2) if fewer, the maximum number of shares of preferred stock that can be redeemed out of funds legally available for such redemption. We intend to pay monthly dividends on the Series C Term Preferred Stock at an annual rate of 6.50% of the Liquidation Preference, or $1.625 per share per year, beginning on July 31, 2021. The Series C Term Preferred Stock will rank senior in right of payment to our common stock, will rank equally in right of payment with any shares of preferred stock (including our 7.75% Series B Term Preferred Stock due 2026) we have issued or may issue in the future and will be subordinated in right of payment to our existing and future senior indebtedness (including our 6.75% notes due 2027, 6.6875% notes due 2028 and 6.75% notes due 2031). Each holder of the Series C Term Preferred Stock will be entitled to one vote on each matter submitted to a vote of our stockholders, and the holders of all of our outstanding preferred stock and common stock will generally vote together as a single class. The holders of shares of the Series C Term Preferred Stock (together with the holders of our 7.75% Series B Term Preferred Stock due 2026 and any additional series of preferred stock we may issue in the future) are entitled as a class to elect two of our directors and, if dividends on any outstanding shares of our preferred stock are in arrears by two years or more, to elect a majority of our directors.
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