Resource Capital to issue series B cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 24 - Resource Capital Corp. is planning a sale of series B cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

The joint bookrunners are Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and MLV & Co. LLC. The lead manager is JMP Securities LLC.

Dividends will be payable quarterly, and the first distribution will be made Oct. 30.

The preferreds become redeemable in 2017 or in the event of a change of control.

The company has applied to list the new series of preferreds on the New York Stock Exchange under the ticker symbol "RSOPB."

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

Resource Capital is a New York-based specialty finance company focused on commercial real estate and commercial finance.

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