Chicago, March 22 – Ready Capital Corp. priced a $628.9 million commercial real estate collateralized loan obligation transaction in the new Ready Capital Mortgage Financing 2021-FL5, LLC, according to a pre-sale report.
The cash flow CLO, maturing in December 2038, includes $356.9 million of class A floating-rate notes at Libor plus 100 basis points, $22 million of class A-S floating-rate notes at Libor plus 135 bps and $40.1 million of class B floating-rate notes at Libor plus 175 bps.
There are also $42.4 million of class C floating-rate notes at Libor plus 225 bps, $36.2 million of class D floating-rate notes at Libor plus 300 bps, $13.4 million of class E floating-rate notes at Libor plus 375 bps, $14.9 million of class F floating-rate notes at Libor plus 450 bps and $18.9 million of class G floating-rate notes at Libor plus 600 bps,
Additionally, the portfolio includes $84.1 million of preferred shares.
Collateral comes from a portfolio of commercial mortgages.
J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the underwriters.
Ready Capital is managing the portfolio.
There is no reinvestment period.
The notes can be called starting in March 2023.
Ready Capital is a New York-based real estate finance company.
| Issuer: | Ready Capital Mortgage Financing 2021-FL5, LLC
|
| Issue: | Floating-rate notes and preferred shares
|
| Structure: | Cash flow CLO
|
| Amount: | $628.9 million
|
| Maturity: | December 2038
|
| Agents: | J.P. Morgan Securities LLC and Deutsche Bank Securities Inc.
|
| Manager: | Ready Capital Corp.
|
| Call: | March 2023
|
| Pricing date: | March 18
|
| Settlement date: | March 31
|
|
|
| Class A notes
|
| Amount: | $356.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-S notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
|
|
| Class B notes
|
| Amount: | $40.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
|
|
| Class C notes
|
| Amount: | $42.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
|
|
| Class D notes
|
| Amount: | $36.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
|
|
| Class E notes
|
| Amount: | $13.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
|
|
| Class F notes
|
| Amount: | $14.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
|
|
| Class G notes
|
| Amount: | $18.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
|
|
| Preferred shares
|
| Amount: | $84.1 million
|
| Securities: | Preferred shares
|
© 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.
