Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Mon, June 14, 5:09 AM
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Slide #4. Ready Capital Corporation — Preferred Stock Offering
Ready Capital Corporation (NYSE:RC)
Date of Pricing:
Price Per Share:
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 is a real estate finance company. Co. originates, acquires, finances, and services small to medium balance commercial (SBC) loans, Small Business Administration (SBA) loans, residential mortgage loans, and to a lesser extent, mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments. Co.'s loans are used by businesses to purchase real estate used in their operations or by investors seeking to acquire small multi-family, office, retail, mixed use or warehouse properties. Co.'s operating segments segments are: Acquisitions, SBC originations, SBA originations, acquisitions and servicing, and residential mortgage banking.
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Strong Buy (3.71 out of 4)
(ranked higher than approx. 68% of all stocks covered)
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