Resource Capital plans sale of 8.5% series A cumulative preferreds

By Stephanie N. Rotondo

Portland, Ore., May 21 - Resource Capital Corp. plans to issue 8.5% series A cumulative redeemable perpetual preferred stock, the company said in a 424B5 prospectus filed with the Securities and Exchange Commission on Monday.

MLV & Co. LLC and JMP Securities are the joint bookrunners.

The liquidation preference is $25 per share.

Dividends are payable quarterly, and the first distribution will come July 30.

Beginning in 2017, Resource Capital has the option to redeem the preferreds at par plus accrued dividends. The company can also redeem the preferreds in the event of a change of control.

The company will apply to list the preferreds on the New York Stock Exchange under the ticker symbol "RSOPA."

Proceeds will be used to make investments relating to the company's business and for general corporate purposes.

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.

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