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Update: Eagle Point Credit Company Updates Industry-Specific Exposure Within CLOs

Eagle Point Credit Company (ECC), the CEF CLO investment company, provided an update as to its industry-specific exposure within its CLO holdings. The update, which was earlier than the guided first update expected in March 2015, was I'm sure prompted by the market's uneasiness around debt lenders with significant exposure to Oil and Gas. While ECC's CLOs only own portions of senior secured loans with first-priority pledges on company assets, the update was timely and necessary to calm nerves of investors remembering just how illiquid and ugly the CLO market became in the credit crunch of 2009.

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ECC's trustee elaborated (emphasis added):

"Within the oil and gas industry, based on the most recent pricing provided to the Company by its portfolio investments, the weighted average price of the underlying loans was 91.54%. The Company believes this pricing is indicative of a demand in the market for wider