Ready Capital Corporation Announces Closing of Public Sale of Senior Notes Due 2025

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) announced the successful closing of an underwritten public offering, raising $120 million through the issuance of 6.125% senior unsecured notes due 2025. The notes were priced at $1,000 each and are intended to be used for originating or acquiring assets aligned with the company's investment strategy. The offering was managed by Piper Sandler & Co. and Keefe, Bruyette & Woods. A registration statement for these notes became effective upon filing with the SEC.

Positive

• Raised $120 million through 6.125% senior unsecured notes.
• Proceeds will support asset origination and acquisition consistent with investment strategy.

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• None.

NEW YORK, April 18, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it closed an underwritten public offering of $120.00 million aggregate principal amount of  6.125% senior unsecured notes due 2025 (the "Notes").  The issue price to investors was $1,000.00 per Note.  The Notes were issued in minimum denominations of $2,000.00 and integral multiples of $1,000.00.  The Company intends to use the net proceeds from this offering to originate or acquire target assets consistent with its investment strategy and for general business purposes.

Piper Sandler & Co. served as book-running manager and Keefe, Bruyette & Woods, A Stifel Company, served as lead manager for the offering.

A registration statement relating to these Notes became effective upon filing with the Securities and Exchange Commission (the "SEC").  The offering was made only by means of a prospectus supplement and accompanying prospectus.  A copy of the prospectus supplement and accompanying prospectus may be obtained free of charge at the SEC's website at www.sec.gov or from the underwriters by contacting: (i) Piper Sandler & Co. at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or by calling toll-free 866-805-4128, or by email at fsg-dcm@psc.com or (ii) Keefe, Bruyette & Woods, A Stifel Company, at 787 Seventh Avenue, Fourth Floor, New York, NY 10019, or by calling 1-800-966-1559, or by email at USCapitalMarkets@kbw.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any sale of the Company's securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, Ready Capital employs over 600 lending professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

Forward-Looking Statements

This press release contains certain forward-looking statements.  Words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "could," "would," "may," "potential" or the negative of those terms or other comparable terminology are intended to identify forward-looking statements.  These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the risk factors and other matters set forth in the prospectus supplement and the accompanying prospectus and the Company's Annual Report on Form 10‑K for the year ended December 31, 2021 filed with the SEC and in its other filings with the SEC.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Contacts:

Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

 

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SOURCE Ready Capital Corporation

FAQ

What did Ready Capital Corporation announce on April 18, 2022?

Ready Capital announced the closing of a $120 million public offering of 6.125% senior unsecured notes due 2025.

What will the proceeds from the Ready Capital notes offering be used for?

The proceeds will be used to originate or acquire assets consistent with the company's investment strategy.

Who managed the offering of Ready Capital's public sale of senior notes?

The offering was managed by Piper Sandler & Co. and Keefe, Bruyette & Woods.

What is the issue price of the Ready Capital senior unsecured notes?

The issue price of the senior unsecured notes is $1,000 each.

When are the senior unsecured notes from Ready Capital due?

The senior unsecured notes are due in 2025.