GREENWICH, Conn.--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (NYSE:ECC) (the “Company”) today is pleased to announce the declaration of a quarterly distribution of $0.60 per share of the Company’s common stock, payable on April 30, 2015 to stockholders of record as of March 31, 2015. The following schedule applies to the distribution:
|Ex-Dividend Date:||March 27, 2015|
|Record Date:||March 31, 2015|
|Payable Date:||April 30, 2015|
|Amount:||$0.60 per share of common stock|
Chief Executive Officer Thomas Majewski commented, “The Company completed investing the proceeds of its IPO in February and the Company’s portfolio is generating significant cash flow. We are pleased to continue our regular distribution at a 12% annualized rate based on our IPO price of $20 per share.”
Chief Financial Officer Ken Onorio commented, “The Company’s portfolio has already received over $8.9 million (or $0.65 per share) of cash distributions in the first quarter of 2015.”
Distributions are generally expected to be paid from net investment income (regular interest and dividends) but may also include capital gains and/or a return of capital. 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 publicly-traded 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.
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