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Ready Capital has $100 million at-the-market note agreement
Chicago, March 8 – Ready Capital Corp. entered into an at-the-market agreement with B. Riley Securities, Inc. for up to $100 million of notes on May 20, 2021, according to a 424B3 filing with the Securities and Exchange Commission on Tuesday.
The $25-par notes remain unsold under the agreement.
The company is offering either 6.2% senior notes due July 30, 2026 or 5.75% senior notes due Feb. 15, 2026.
There is call protection through July 30, 2022 for the 6.2% notes. After that date, the notes could be called at 101 plus interest.
For the 5.75% notes, call protection extends to Feb. 15, 2023. Then, the notes could be redeemed at par plus interest.
Any change of control would make the notes putable at 101.
Any sale of the notes would constitute a fungible add-on to either the $104.25 million 6.2% notes currently outstanding or the $201.25 million outstanding 5.75% notes.
The notes when issued will trade on the New York Stock Exchange as “RCB” for the 6.2% notes and as “RCC” for the 5.75% notes.
The last reported sale price as of March 7 was $25.30 for the outstanding 6.2% notes and $25.27 for the outstanding 5.75% notes.
Proceeds will be used to exchange with the company’s operating partnership mirror notes that are substantially equivalent to the notes from the offering. The partnership will use the proceeds to originate or acquire target assets consistent with Ready Capital’s investment strategy and for general corporate purposes, which may include the repayment of borrowings outstanding under the company’s loan repurchase agreements or credit facilities.
U.S. Bank NA is the trustee.
Alston & Bird LLP is working as counsel to Ready Capital. Ropes & Gray LLP is advising B. Riley.
Ready Capital is a New York-based real estate finance company.
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