PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, February 7, 5:08 PM
| This Slide: #115 of 660 |
Slide #115. Ready Capital Corporation — Preferred Stock Offering
Company:
Ready Capital Corporation (NYSE:RC)
Date announced:
6/3/2021
Shares Offered:
4,000,000
Date of Pricing:
6/3/2021
Price Per Share:
$25.00
Preferred Stock Offering Details:
Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it priced an underwritten public offering of 4,000,000 shares of its 6.50% Series E Cumulative Redeemable Preferred Stock (the "Preferred Stock") at a public offering price of $25.00 per share. The Company also granted a 30-day over-allotment option to purchase up to an additional 600,000 shares of the Preferred Stock at the public offering price, less underwriting discounts and commissions. The Preferred Stock will have a $25.00 per share liquidation preference. The Company will receive gross proceeds of $100,000,000 (or $115,000,000 if the underwriters exercise their over-allotment option in full) from the sale of the Preferred Stock before deducting the underwriting discounts and other estimated offering expenses. The Company intends to contribute the net proceeds from this offering to its operating partnership, Sutherland Partners, L.P., which in turn will use the net proceeds to redeem, in whole or in part, its 8.625% Series B Cumlative Preferred Stock and its 7.625% Series D Cumulative Redeemable Preferred Stock, and may use the remainder of the net proceeds, if any, for general business purposes, which may include the repayment of borrowings outstanding under our loan repurchase agreements or credit facilities. The Company intends to apply to list the Preferred Stock on the New York Stock Exchange under the symbol "RC PRE" and, if the application is approved, trading is expected to commence within 30 days of the closing of the offering.
Ready Capital Corporation is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Its segments include LMM Commercial Real Estate and Small Business Lending. The LMM Commercial Real Estate segment originates lower-to-middle-market commercial real estate (LMM) loans across the full life cycle of an LMM property including construction, bridge, stabilized and agency loan origination channels through its wholly owned subsidiary, ReadyCap Commercial, LLC. These originated loans are generally held-for-investment or placed into securitization structures.
Preferreds: RC.PRB, RC.PRC, RC.PRD, RC.PRE
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Avg. Broker Rec.
  
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Hold (1.87 out of 4) 97th percentile
(ranked higher than approx. 97% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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