Ready Capital Corporation Announces Public Offering of Senior Notes Due 2029
Ready Capital (NYSE: RC) has announced the commencement of an underwritten public offering of senior unsecured notes due 2029. The company plans to use the net proceeds to originate or acquire target assets aligned with its investment strategy and for general corporate purposes. The notes will be listed on the NYSE under the symbol RCD. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are serving as book-running managers for the offering. The specific terms, including maturity and interest rate, will be determined during pricing.
Ready Capital (NYSE: RC) ha annunciato l'inizio di un'offerta pubblica garantita di noti senior non garantiti con scadenza nel 2029. La società prevede di utilizzare il ricavato netto per originare o acquisire beni target in linea con la sua strategia di investimento e per scopi aziendali generali. Le note saranno quotate al NYSE con il simbolo RCD. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank e Wells Fargo Securities fungeranno da gestori principali per l'offerta. I termini specifici, inclusi la scadenza e il tasso d'interesse, saranno definiti durante la fase di determinazione del prezzo.
Ready Capital (NYSE: RC) ha anunciado el inicio de una oferta pública garantizada de notas senior no garantizadas con vencimiento en 2029. La compañía planea utilizar los fondos netos para originar o adquirir activos objetivo alineados con su estrategia de inversión y para fines corporativos generales. Las notas se listarán en la NYSE bajo el símbolo RCD. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank y Wells Fargo Securities están actuando como gestores principales de la oferta. Los términos específicos, incluyendo el vencimiento y la tasa de interés, se determinarán durante la fijación del precio.
레디 캐피탈 (NYSE: RC)가 2029년 만기 무담보 고위험 채권의 공모를 시작한다고 발표했습니다. 회사는 순수익을 이용해 투자 전략에 맞는 목표 자산을 창출하거나 인수하고 일반 기업 목적에 사용할 계획입니다. 해당 채권은 NYSE에서 RCD라는 기호로 상장될 예정입니다. 모건 스탠리, 파이퍼 샌들러, RBC 캐피탈 마켓츠, UBS 투자은행 및 웰스 파고 증권이 이번 공모의 북러닝 매니저로 활동합니다. 만기일과 이자율 등 구체적인 조건은 가격 책정 과정에서 결정될 것입니다.
Ready Capital (NYSE: RC) a annoncé le lancement d'une offre publique souscrite de notes senior non garanties arrivant à échéance en 2029. La société prévoit d'utiliser le produit net pour créer ou acquérir des actifs cibles alignés avec sa stratégie d'investissement et pour des besoins généraux d'entreprise. Les notes seront cotées à la NYSE sous le symbole RCD. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank et Wells Fargo Securities agissent en tant que gestionnaires principaux pour l'offre. Les conditions spécifiques, y compris la maturité et le taux d'intérêt, seront déterminées lors de la tarification.
Ready Capital (NYSE: RC) hat den Beginn eines unterzeichneten öffentlichen Angebots von unbesicherten Schuldverschreibungen mit Fälligkeit 2029 bekannt gegeben. Das Unternehmen plant, die Nettomittel zur Originierung oder Akquisition von Zielanlagen zu verwenden, die mit seiner Anlagestrategie übereinstimmen, sowie für allgemeine Unternehmenszwecke. Die Schuldverschreibungen werden an der NYSE unter dem Symbol RCD gelistet. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank und Wells Fargo Securities fungieren als Buchlaufmanager für das Angebot. Die spezifischen Bedingungen, einschließlich Fälligkeit und Zinssatz, werden während der Preisfestsetzung bestimmt.
- New capital raising initiative through senior notes offering
- Planned NYSE listing under RCD symbol increases visibility and liquidity
- Strong syndicate of major investment banks as book-running managers
- Potential increase in debt obligations and interest expenses
- Additional debt burden on company's balance sheet
Insights
This senior notes offering represents a significant capital raising initiative for Ready Capital. While specific terms like interest rate and pricing are pending, this debt issuance will provide additional liquidity for the company's investment strategy. The planned NYSE listing under symbol "RCD" suggests a commitment to creating a liquid, tradable security.
The involvement of major underwriters including Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS and Wells Fargo indicates strong institutional backing. The intended use of proceeds for target asset acquisition aligns with Ready Capital's business model as a mortgage REIT, though the non-specific nature of "general corporate purposes" provides flexibility in capital deployment.
This debt offering could impact the company's leverage ratios and interest coverage metrics. Investors should monitor the final pricing terms and yield spread to evaluate the cost of capital and market's risk assessment of Ready Capital's credit profile.
NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that it is commencing an underwritten public offering of senior unsecured notes due 2029 (the “Notes”). 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 corporate purposes. The maturity, interest rate and other terms of the Notes will be determined at the time of pricing the offering. Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC are serving as book-running managers for the offering.
The Company intends to apply to list the Notes on the New York Stock Exchange under the symbol “RCD.”
A registration statement relating to the securities was filed with the Securities and Exchange Commission (the “SEC”) and immediately became effective on March 22, 2022. The offering will be made only by means of a preliminary prospectus supplement and accompanying prospectus, which have been filed with the SEC. A copy of the preliminary 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: Morgan Stanley & Co. LLC by calling 1-800-584-6837, 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, RBC Capital Markets, LLC by calling 1-866-375-6829 or by emailing rbcnyfixedincomeprospectus@rbccm.com, UBS Investment Bank by calling 1-888-827-7275, Wells Fargo Securities, LLC by calling 1-800-645-3751 or by emailing wfscustomerservice@wellsfargo.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 lower-to-middle-market investor and owner occupied commercial real estate loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, 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 approximately 350 professionals nationwide. Ready Capital 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, 2023 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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