By James McCandless
San Antonio, Nov. 25 – Ready Capital Corp. priced an additional $45 million of its $25-par 6.2% senior notes due July 30, 2026, according to a press release.
There is a $6.75 million greenshoe.
Sandler O'Neill & Partners, LP and B. Riley FBR, Inc. are the joint bookrunners.
Interest is payable on Jan. 30, April 30, July 30 and Oct. 30 of each year, beginning on Jan. 30, 2020.
The notes are redeemable on or after July 30, 2022 and before July 30, 2025 at 101%, after July 30, 2025 at par and upon a change-of-control repurchase event at 101%.
Ready Capital plans to use the proceeds to originate or acquire its target assets and for general business purposes.
Ready Capital originally issued $57.5 million of the notes on July 22, 2019, bringing the current outstanding to $102.5 million.
The notes, which trade on the New York Stock Exchange under the symbol “RCB,” fell 26 cents on Monday to close at $25.26 on volume of about 14,000 notes.
Ready Capital is a New York-based real estate finance company.
| Issuer: | Ready Capital Corp.
|
| Description: | Add-on to senior notes due 2026
|
| Amount: | $45 million
|
| Greenshoe: | $6.75 million
|
| Maturity: | July 30, 2026
|
| Bookrunners: | Sandler O'Neill & Partners, LP and B. Riley FBR, Inc.
|
| Coupon: | 6.2%
|
| Price: | Par of $25.00
|
| Yield: | 6.2%
|
| Call: | On or after July 30, 2022 and before July 30, 2025 at 101%, after July 30, 2025 at par and upon a change-of-control repurchase event at 101%
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 2
|
| Listing: | NYSE: RCB
|
| Total amount: | $102.5 million, including $57.5 million issued on July 22, 2019
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
