Eagle Point Credit Company Inc. Announces Initial Distribution

GREENWICH, Conn.--()--Eagle Point Credit Company Inc. (NYSE:ECC) (the “Company”) today is pleased to announce the declaration of its initial distribution of $0.55 per share of the Company’s common stock, payable on January 26, 2015 to stockholders of record as of December 31, 2014, as noted below. Based on the Company’s initial public offering price of $20.00 per share, the distribution represents an annualized dividend rate of approximately 12% (as measured from October 8, 2014, the date on which the Company began trading on the New York Stock Exchange).

Chief Executive Officer Thomas Majewski commented, “An important part of the Company’s plan was to have a substantial portfolio of investments in place at the time of our initial public offering so that we could declare our initial dividend promptly at an annualized rate of 12%.”

The following schedule applies to the distribution:

  Ex-Dividend Date:       December 29, 2014
Record Date: December 31, 2014
Payable Date: January 26, 2015
Amount: $0.55 per share of common stock

Chief Financial Officer Ken Onorio commented, “Distributions are generally expected to be paid from net investment income (regular interest and dividends) but may also include return of capital and/or capital gains.” The specific tax characteristics of the distribution will be reported to the Company’s stockholders on Form 1099 after the end of the calendar year.

The Company is a non-diversified, closed-end management investment company. The Company’s investment objective is to generate high current income and capital appreciation primarily through investment in equity and junior debt tranches of collateralized loan obligations. The Company is externally managed and advised by Eagle Point Credit Management LLC. The principals of Eagle Point Credit Management LLC are Thomas P. Majewski, Daniel W. Ko and Daniel M. Spinner.

The Company closed its initial public offering on October 14, 2014. A registration statement relating to the Company’s common stock has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the shares of common stock referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing. An investment in the Company is not appropriate for all investors, and the Company is not intended to be a complete investment program. Shares of closed-end investment companies frequently trade at a discount from their net asset value, which may increase investors’ risk of loss.

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company’s other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Source: Eagle Point Credit Company

Contacts

Investor Relations:
Eagle Point Credit Company Inc.
Kenneth P. Onorio, 203-862-3157
Chief Financial Officer
KOnorio@EaglePointCredit.com
www.eaglepointcreditcompany.com

Contacts

Investor Relations:
Eagle Point Credit Company Inc.
Kenneth P. Onorio, 203-862-3157
Chief Financial Officer
KOnorio@EaglePointCredit.com
www.eaglepointcreditcompany.com