GREENWICH, Conn. - Eagle Point Income Company Inc. (NYSE: EIC, EICA, EICB), a closed-end management investment company, has initiated an underwritten public offering of its Series C Term Preferred Stock, with terms to be established through negotiations with underwriters. The Preferred Stock has received a 'BBB' rating from Egan-Jones Ratings Company, an independent rating agency.
The company also intends to provide underwriters a 30-day option to purchase additional Preferred Stock shares under identical terms and conditions. The new Preferred Stock is anticipated to be listed on the New York Stock Exchange and start trading under the symbol EICC within 30 days from the issue date.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., and Piper Sandler & Co. are serving as joint bookrunners for the offering, while InspereX LLC and Wedbush Securities Inc. are the lead managers.
Investors are advised to review the company's investment objectives, risks, charges, and expenses carefully. The preliminary prospectus supplement, dated March 26, 2024, alongside the accompanying prospectus dated June 29, 2023, filed with the Securities and Exchange Commission (SEC), contains detailed information about the company and should be read thoroughly before making any investment decisions.
The offering is made solely through a prospectus and a related prospectus supplement, available upon request from Ladenburg Thalmann & Co. Inc. or via the SEC's EDGAR website.
Eagle Point Income Company focuses primarily on generating high current income, with capital appreciation as a secondary objective, by investing mainly in junior debt tranches of collateralized loan obligations (CLOs). The Company may also invest a portion of its assets in CLO equity securities. Eagle Point Income Management LLC externally manages and advises the company.
This press release, as per the company, may contain forward-looking statements that involve risks and uncertainties. The company does not commit to updating any forward-looking statements, which only reflect circumstances as of the date they were made. This announcement is based on a press release statement.
InvestingPro Insights
Eagle Point Income Company Inc. (NYSE: EIC) has recently made headlines with its public offering of Series C Term Preferred Stock. As investors consider this new opportunity, it's important to examine key financial metrics and insights provided by InvestingPro to make informed decisions.
InvestingPro Data indicates a robust market capitalization of $179.15 million USD, underpinned by an attractive P/E ratio of 5.94, suggesting that the company's earnings are available at a lower price relative to the market. Moreover, Eagle Point Income Company has demonstrated significant revenue growth, with a leap of 40.79% in the last twelve months as of Q4 2023.
Investors seeking income will be interested to know that Eagle Point Income Company pays a significant dividend, with a yield of 14.73% as of the last recorded date. This aligns with the company's focus on generating high current income for its shareholders.
Furthermore, the company's share price is trading near its 52-week high, reflecting a price that is 98.85% of the peak, which may indicate market confidence in the firm's prospects.
An InvestingPro Tip to consider is the company's strong return over the last three months, with a price total return of 17.68%. This performance could be a sign of the market's positive reception to the company's strategic moves and operational success.
For those interested in a deeper dive into Eagle Point Income Company's financials and strategic positioning, there are additional InvestingPro Tips available at https://www.investing.com/pro/EIC. With the exclusive coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access an extended range of insights and analytics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.