Resource Capital begins $25 million at-the-market preferred offering

By Angela McDaniels

Tacoma, Wash., June 28 - Resource Capital Corp. plans to sell up to 1 million additional shares of its 8.5% series A cumulative redeemable perpetual 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.

As previously reported, the company priced $6.63 million of the preferreds on June 7. They closed at $24.49 (NYSE: RSOPrA) on Thursday.

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.

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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