By Stephanie N. Rotondo
Phoenix, June 7 - Resource Capital Corp. brought a $6,625,000 issue of 8.5% series A cumulative redeemable perpetual preferred stock, the company said in an FWP filed with the Securities and Exchange Commission on Thursday.
The company sold 265,000 of the preferred shares at $23.50 each, yielding 9.0426%.
The liquidation preference is $25 per share.
MLV & Co. LLC and JMP Securities are the joint bookrunners.
Dividends are payable quarterly, and the first distribution will be on July 30.
Beginning June 14, 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." Settlement is expected June 14.
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.
| Issuer: | Resource Capital Corp.
|
| Securities: | Series A cumulative redeemable preferred stock
|
| Amount: | $6.625 million, or 265,000 shares
|
| Dividend: | 8.5%
|
| Price: | $23.50
|
| Yield: | 9.0426%
|
| Par: | $25.00
|
| Maturity: | Perpetual
|
| Redemptions: | Starting June 14, 2017 at par, or in the event of a change of control
|
| Bookrunners: | MLV & Co. LLC and JMP Securities
|
| Pricing: | June 7
|
| Settlement: | June 14
|
| Stock symbol: | NYSE: RSOPA
|
| CUSIP: | 76120W 401
|
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