New Issue: Ready Capital’s ReadyCap places $350 million 4½% five-year notes

By Wendy Van Sickle

Columbus, Ohio, Oct. 20 – Ready Capital Corp. indirect wholly-owned subsidiary ReadyCap Holdings, LLC issued $350 million of 4½% senior secured notes due 2026 in a private placement, according to a Wednesday press release.

Piper Sandler & Co. and Keefe, Bruyette & Woods acted as placement agents.

The notes are guaranteed by Ready Capital Corp., Sutherland Partners, LP, Sutherland Asset I, LLC, Ready Capital TRS I, LLC, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT I, LLC and Sutherland Asset III, LLC.

Proceeds will be used to redeem the issuer’s 7½% senior secured notes due Feb. 15, 2022 and for general corporate purposes.

The New York-based real estate finance company originates, acquires, finances, services small- to medium-sized balance commercial loans, including Small Business Administration loans.

Issuer:	ReadyCap Holdings, LLC
Guarantors:	Ready Capital Corp., Sutherland Partners, LP, Sutherland Asset I, LLC, Ready Capital TRS I, LLC, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT I, LLC and Sutherland Asset III, LLC
Amount:	$350 million
Maturity:	2026
Securities:	Senior secured notes
Placement agents:	Keefe, Bruyette & Woods and Piper Sandler & Co.
Coupon:	4½%
Announcement date:	Oct. 20

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