Ready Capital Corporation Announces Final Results of Tender Offer

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) announced the final results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, which expired on April 30, 2021. A total of 445,065 shares were properly tendered, accounting for approximately 57% of the outstanding Series C Preferred Stock. Ready Capital has accepted all tendered shares at a price of $25.14323 per share, totaling about $11.2 million. Payment will be issued promptly for the accepted shares.

Positive

• Successfully tendered 445,065 shares, representing 57% of outstanding Series C Preferred Stock.
• All tendered shares accepted at $25.14323 per share, reflecting a strong market response.

Negative

• None.

NEW YORK, May 5, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced today the final results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share (the "Series C Preferred Stock"), which expired at 5:00 p.m. New York City time on April 30, 2021. Based on the final count by the paying agent for the tender offer, 445,065 shares of Series C Preferred Stock were properly tendered and not withdrawn. Ready Capital has accepted for purchase all tendered shares of Series C Preferred Stock at a price of $25.14323 per share (which represents 100% of the $25.00 liquidation preference, plus accrued and unpaid dividends to, but not including, the purchase date) for a total cost of approximately $11.2 million.  These shares represent approximately fifty-seven percent of the shares of Series C Preferred Stock outstanding.

The paying agent will promptly issue payment for the shares of Series C Preferred Stock validly tendered and accepted for purchase in the tender offer.

American Stock Transfer & Trust Company, LLC is the paying agent and D.F. King & Co. Inc. is the information agent for the tender offer.

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 balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

Contact

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

 

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SOURCE Ready Capital Corporation

FAQ

What were the results of Ready Capital's tender offer for Series C Preferred Stock on April 30, 2021?

Ready Capital accepted 445,065 shares of its 6.25% Series C Cumulative Convertible Preferred Stock, totaling approximately $11.2 million.

How much did Ready Capital pay for the tendered Series C Preferred Stock?

Ready Capital paid $25.14323 per share for the tendered Series C Preferred Stock.

What percentage of the outstanding Series C Preferred Stock was tendered by Ready Capital?

Approximately 57% of the outstanding shares of Series C Preferred Stock were tendered.

When did the tender offer for Ready Capital's Series C Preferred Stock expire?

The tender offer expired at 5:00 p.m. New York City time on April 30, 2021.