By Paul A. Harris
Portland, Ore., June 15 – ReadyCap Holdings, LLC issued $65 million of its 7½% senior notes due 2022 in an add-on deal, according to a market source.
Keefe, Bruyette & Woods, a Stifel Co.; Incapital LLC; and Sandler O'Neill & Partners, LP acted as joint bookrunning managers.
The notes may be redeemed in whole or in part at any time prior to Nov. 15, 2021 at par plus a make-whole premium plus accrued interest. At any time after Nov. 15, 2021, they may be redeemed in whole or in part at par plus accrued interest.
Proceeds will be used for general corporate purposes.
The New York-based real estate investment trust originates, acquires, finances, services and manages SBC loans and Small Business Administration loans.
| Issuer: | ReadyCap Holdings, LLC
|
| Amount: | $65 million
|
| Maturity: | Feb. 15, 2022
|
| Security description: | Add-on to 7½% senior notes due Feb. 15, 2022
|
| Bookrunners: | Keefe, Bruyette & Woods, a Stifel Co., Incapital LLC and Sandler O'Neill & Partners, LP
|
| Coupon: | 7½%
|
| Announcement date: | June 15
|
| Distribution: | Rule 144A and Regulation S
|
| Original issue: | $75 million priced Feb. 13, 2017
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| Total issue size: | $140 million
|
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