By Stephanie N. Rotondo
Phoenix, Sept. 25 - Resource Capital Corp. priced a $25 million sale of 8.25% series B cumulative redeemable perpetual preferred stock, according to a press release published Tuesday.
There is a $3.75 million over-allotment option.
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.
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.
| Issuer: | Resource Capital Corp.
|
| Securities: | Series B cumulative redeemable preferred stock
|
| Amount: | $25 million, or 1 million shares
|
| Greenshoe: | $3.75 million, or 150,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and MLV & Co. LLC
|
| Lead managers: | JMP Securities LLC
|
| Dividend: | 8.25%, payable quarterly beginning Oct. 30
|
| Price: | Par of $25
|
| Yield: | 8.25%
|
| Call option | Beginning in 2017 or in the event of a change of control
|
| Pricing date: | Sept. 25
|
| Expected listing: | NYSE: RSOPB
|
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