Resource Capital greenshoe lifts 6% convertible sale to $115 million

By Tali David

Minneapolis, Oct. 30 - Underwriters for Resource Capital Corp.'s 6% convertible notes due 2018 fully exercised their greenshoe, adding an additional $15 million, according to a press release.

The company priced an upsized $100 million of the five-year convertibles on Oct. 15 at par with a 12.5% initial conversion premium.

As previously reported, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunning managers of the deal. Keefe, Bruyette & Woods was senior co-manager, and JMP Securities LLC and MLV & Co. LLC were co-managers.

Proceeds will be for general corporate purposes including acquisition of investments, loan originations and working capital.

The New York-based specialty finance company focuses primarily on commercial real estate and commercial finance.

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