BB&T Capital Markets Serves as a Lead Manager on Eagle Point Credit Company’s Unsecured Notes Offering
BB&T Capital Markets’ Financial Services Group, serving as a lead manager, completed an unsecured notes “baby bond” offering for Eagle Point Credit Company in the second quarter of 2018. The underwriters helped to raise $60,000,000 in gross proceeds for our client. The Company has applied for the notes to trade on the NYSE, under the symbol “ECCX”.
ECC intends to use the net proceeds from this transaction to redeem the Company’s unsecured notes due 2020, to acquire investments according to the Company’s investment objectives and strategies, to make distributions, and for general corporate purposes. The Company has granted the underwriters a 30-day option to purchase additional notes in an aggregate principal amount of $9,000,000 to cover over-allotments.
About the Companies
Eagle Point Credit Company, LLC (NYSE: ECC) is an externally managed closed-end management investment company that has registered as an investment company under the Investment Company Act of 1940. ECC’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. ECC seeks to achieve its investment objectives by investing primarily in CLO securities and related investments. The CLOs in which it invests are collateralized by a diverse portfolio consisting primarily of below investment grade U.S. senior secured loans.
BB&T Capital Markets Financial Services Group has extensive experience providing community banks and thrifts, business development companies, and other specialty finance companies with a full range of public and private capital raising solutions, M&A advisory, fairness opinions and other strategic advisory services.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.