By Cristal Cody
Tupelo, Miss., July 18 – Ready Capital Corp. sold $50 million of 6.2% $25-par senior notes due July 30, 2026 (Egan-Jones: BBB) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
Sandler O’Neill + Partners, LP and B. Riley FBR, Inc. were the bookrunners.
The deal includes an over-allotment option of $7.5 million.
Ready Capital plans to apply to list the notes on the New York Stock Exchange under the symbol “RCB” for trading within 30 days after issuance.
Proceeds from the deal will be contributed to the company’s operating partnership in exchange for the issuance by the operating partnership of a mirror note with terms equal to the terms of the senior note offering. The operating partnership intends to use the proceeds to originate or acquire target assets and for general corporate purposes.
Ready Capital is a New York-based real estate investment trust finance company.
| Issuer: | Ready Capital Corp.
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Description: | Senior notes
|
| Maturity: | July 30, 2026
|
| Bookrunners: | Sandler O’Neill + Partners, LP and B. Riley FBR, Inc.
|
| Coupon: | 6.2%
|
| Price: | Par of $25
|
| Yield: | 6.2%
|
| Call features: | On or after July 30, 2022 and before July 30, 2025 at 101; on or after July 30, 2025 at par
|
| Change-of-control put: | 101%
|
| Trade date: | July 18
|
| Settlement date: | July 22
|
| Rating: | Egan-Jones: BBB
|
| Distribution: | SEC registered
|
| Expected listing: | NYSE: RCB
|
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