Resource Capital begins $40 million at-the-market preferred offering

By Marisa Wong

Madison, Wis., Nov. 20 - Resource Capital Corp. plans to sell up to 600,000 shares of its 8.5% series A cumulative redeemable preferred stock and up to 1 million shares of its 8.25% series B cumulative redeemable preferred stock from time to time, according to a 424B5 filing with the Securities and Exchange Commission.

MLV & Co. LLC will sell the preferreds as agent under an at-the-market issuance sales agreement.

The preferreds have a liquidation preference of $25.00 each.

Dividends are payable quarterly.

The preferreds are callable at $25.00 each beginning on June 14, 2017. The company can also redeem the preferreds in the event of a change of control.

The 8.5% preferreds trade on the New York Stock Exchange under the symbol "RSOPrA," and the 8.25% preferred trade under the symbol "RSOPrB."

Resource Capital is a New York-based specialty finance company that focuses on commercial real estate assets, commercial mortgage-backed securities and commercial finance. It is organized as a real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.