Eagle Point Credit (ECC) Initiates Qtr. Dividend at 55c/Share; Yields 11.6%

Eagle Point Credit (NYSE: ECC) has initiated a quarterly dividend of $0.55 per share, or $2.20 annualized.

The dividend will be payable on January 26, 2015, to stockholders of record on December 31, 2014, with an ex-dividend date of December 29, 2014.

The annual yield on the dividend is 11.6 percent.

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%.”

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.

For a dividend history and other dividend-related data on Eagle Point Credit (ECC) click here.

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