By Wendy Van Sickle
Columbus, Ohio, April 8 – Ready Capital Corp. priced $120 million of three-year senior notes (Egan-Jones: BBB+) at par to yield 6.125% on Friday, according to an FWP filed with the Securities and Exchange Commission.
The notes feature a make-whole call at Treasuries plus 50 basis points until Jan. 30, 2025 and then are callable at par.
Piper Sandler Co. is the bookrunner.
Proceeds will be used to originate or acquire target assets and for general corporate purposes.
Ready Capital is a New York-based real estate finance company.
| Issuer: | Ready Capital Corp.
|
| Amount: | $120 million
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| Issue: | Senior notes
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| Maturity: | April 30, 2025
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| Bookrunner: | Piper Sandler Co.
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| Lead manager: | Keefe, Bruyette & Woods, Inc.
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| Coupon: | 6.125%
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| Price: | Par
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| Yield: | 6.125%
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| Change of control: | At 101
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| Call: | Make-whole call at Treasuries plus 50 bps until Jan. 30, 2025; then callable at par
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| Pricing date: | April 8
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| Settlement date: | April 18
|
| Rating: | Egan-Jones: BBB+
|
| Cusip: | 75574UAC5
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