Resource Capital to buy some 6%, 8% convertibles with new deal funds

New York, Aug. 10 – Resource Capital Corp. plans to repurchase some of its 6% convertible senior notes due 2018 and its 8% convertible senior notes due 2020 using proceeds from a $125 million offering of new convertible notes due 2022, according to a news release.

The buybacks will be carried out through privately negotiated transactions, in the open market or otherwise, the company said.

Because the existing convertibles are non-callable, the repurchase effort may not be successful, Resource Capital noted.

Any remaining proceeds from the new deal will be used for general corporate purposes.

Resource Capital is a New York-based real estate investment trust focused on commercial mortgage loans and other commercial real estate-related debt investments.

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