Ready Capital Corporation Announces Preliminary Results of Tender Offer

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) has announced preliminary results from its tender offer for 6.25% Series C Cumulative Convertible Preferred Stock, which closed on April 30, 2021. The company plans to acquire approximately 445,320 shares at $25.14323 each, totaling around $11.2 million. This represents about 57% of the outstanding shares. Final results will be confirmed by May 3, 2021, with payments made after the confirmation process. American Stock Transfer & Trust Company is the paying agent for the offer.

Positive

• Plans to purchase approximately 445,320 shares of Series C Preferred Stock.
• Total cost of around $11.2 million for the tender offer.
• Represents 57% of the outstanding Series C Preferred Stock.

Negative

• None.

NEW YORK, May 2, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced today the preliminary 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 preliminary count by the paying agent for the tender offer, the Company expects to acquire approximately 445,320 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 number of shares of Series C Preferred Stock to be purchased is preliminary. Final results for the tender offer will be determined subject to confirmation by the paying agent of the proper delivery of the shares validly tendered and not withdrawn by May 3, 2021 and any shares tendered through notice of guaranteed delivery being timely delivered. The final number of shares to be purchased will be announced following the expiration of the guaranteed delivery period and completion by the paying agent of the confirmation process. Payment for the shares of Series C Preferred Stock accepted for purchase will occur promptly thereafter.

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 are the preliminary results of Ready Capital's tender offer for Series C Preferred Stock?

Ready Capital plans to acquire approximately 445,320 shares at $25.14323 each, representing about 57% of the outstanding shares.

When did the tender offer for Series C Preferred Stock expire?

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

How much is Ready Capital spending on the tender offer?

Ready Capital is expected to spend approximately $11.2 million to acquire the shares.

When will the final results of the tender offer be announced?

Final results will be confirmed following the delivery verification process on May 3, 2021.