Company: ECC-PD
Filing Date: 2025-04-11
Form Type: N-2ASR
Source: 0001104659-25-034204
Chunk: 154

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-04-11
Form: N-2ASR
Chunk 154
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 not be in the interest of the holders of our common stock, the board of directors, in consultation with the Adviser, from time to time may review the possible actions to reduce any such discount. 95

DESCRIPTION OF OUR PREFERRED STOCK We are authorized to issue up to 20,000,000 shares of Preferred Stock. As of March 31, 2025, we had 2,172,553 shares of Series C Term Preferred Stock outstanding, 4,218,232 shares of Series D Preferred Stock outstanding, 2,486,244 shares of Series F Term Preferred Stock outstanding, 2,491,469 shares of Series AA Convertible Perpetual Preferred Stock outstanding and 202,272 shares of Series AB Convertible Perpetual Preferred Stock outstanding. We may issue additional Preferred Stock from time to time in one or more series without stockholder approval. Prior to issuance of shares of each series, our board of directors is required by Delaware law and by our certificate of incorporation to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Thus, the board of directors could authorize the issuance of shares of Preferred Stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. You should note, however, that any such an issuance must adhere to the requirements of the 1940 Act, Delaware law and any other limitations imposed by law. With respect to senior securities that are stocks (i.e., shares of our Preferred Stock), we are required under current law to have an asset coverage of at least 200%, as measured at the time of the issuance of any such shares of Preferred Stock and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding shares of Preferred Stock. In addition the 1940 Act requires that (i) the holders of shares of Preferred Stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends or other distribution on the Preferred Stock are in arrears by two years or more and (ii) such class of stock have complete priority over any other class of stock as to distribution of assets and payment of