Resource Capital to redeem all 8.5%, some 8.25% preferreds Jan. 31

By Sarah Lizee

Olympia, Wash., Dec. 18 – Resource Capital Corp. will redeem all of the outstanding shares of its 8.5% series A cumulative redeemable preferred stock and 930,983 shares of its 8.25% series B cumulative redeemable preferred stock on Jan. 31, according to a press release.

The shares of both series will be redeemed at a redemption price of $25.00 per share.

The company said annual preferred stock dividend savings will be about $2.27 million as a result of the redemption of the series A preferred stock and about $1.92 million as a result of the redemption of a portion of the series B preferred stock.

The company also announced that it will pay a cash dividend on its series A preferred stock for the period from Oct. 31 through and including Jan. 30 of $0.531250 per share, a cash dividend on its series B preferred stock of $0.515625 per share and a cash dividend on its 8.625% series C cumulative redeemable preferred stock of $0.539063 per share.

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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