Distributions on the Series A Preferred Stock will be payable quarterly at an annual rate of 8.50% of the $25.00 liquidation preference, or $2.125 per share of Series A Preferred Stock per year. The first distribution on the Series A Preferred Stock sold in this offering will be paid on July 30, 2012, will be for less than a full quarter and will reflect distributions accumulated from (but excluding) the date of original issuance through July 30, 2012.
Generally, we may not redeem the Series A Preferred Stock until June 14, 2017. On and after June 14, 2017, we may, at our option, redeem the Series A Preferred Stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. In addition, upon the occurrence of a Change of Control (as defined herein), we may, at our option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. To the extent we exercise our redemption right relating to the Series A Preferred Stock, the holders of Series A Preferred Stock will not be permitted to exercise the conversion right described below in respect of their shares called for redemption. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a Change of Control by the holders of Series A Preferred Stock.
Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (subject to our right to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series A Preferred Stock (or the equivalent value of the alternative consideration) as described in this prospectus supplement.
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Resource Capital is a real estate investment trust. Co. originates, holds and manages commercial mortgage loans and other commercial real estate-related debt investments. Co. invests in the following asset classes: commercial real estate-related assets such as first mortgage loans, first priority interests in first mortgage loans, and subordinated interests in first mortgage loans; residential real estate-related assets such as residential mortgage loans and residential mortgage-backed securities; and commercial finance assets such as asset-backed securities, structured note investments, syndicated corporate loans, and preferred equity investment in a commercial leasing enterprise. Open the RSO Information Page » |
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