Ready Capital Corporation Successfully Closes Note Offering
Ready Capital Corporation (NYSE: RC) has recently celebrated a significant milestone with the successful closing of an underwritten public offering of $130 million in 9.00% Senior Notes due 2029. This offering included $15 million from the partial exercise of the underwriters’ over-allotment option, marking a successful stride for the company in the financial market.
Details of the Senior Notes Offering
The Notes have been issued in minimum denominations of $25.00, allowing a broader range of investors to participate. The proceeds generated from this offering are earmarked for originating or acquiring target assets in line with Ready Capital's strategic investment approach, as well as for supporting general corporate purposes. The reputable financial institutions of Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC acted as book-running managers during this process.
Trading Information
Investors can expect the Notes to begin trading on the New York Stock Exchange under the symbol “RCD.” This trading is slated to commence within about a month following the closure of the offering. Such a listing reflects the confidence the market holds in Ready Capital’s ongoing financial endeavors.
Regulatory Compliance and Securities Registration
The public offering followed stringent regulatory compliance, as a registration statement was filed with the Securities and Exchange Commission (SEC) and took effect promptly. The offering was conducted exclusively via a prospectus supplement and a corresponding prospectus that have been properly filed with the SEC. Prospective investors or parties interested in accessing these documents can typically find them on the SEC’s official website.
Understanding Ready Capital Corporation
Ready Capital Corporation, publicly traded on the NYSE under the ticker symbol RC, operates as a multi-strategy real estate finance company. The core focus of Ready Capital is to originate, acquire, finance, and service commercial real estate loans targeting the lower-to-middle market sector. The company’s loan offerings encompass agency multifamily assets, investor-backed loans, construction loans, bridge loans, and loans facilitated through the U.S. Small Business Administration's Section 7(a) program. With a dedicated workforce of around 350 professionals, Ready Capital is headquartered in New York City and is externally managed and advised by Waterfall Asset Management, LLC.
Engaging with Ready Capital
Ready Capital encourages interested investors and clients to reach out through various channels for inquiries or additional information about its products and services. The investment relations team is available for assistance and can provide insights regarding the company’s ongoing initiatives and financial performance.
Frequently Asked Questions
What is the primary purpose of the senior notes issued by Ready Capital?
The primary purpose of the senior notes is to fund the acquisition or origination of target assets and for general corporate purposes that align with Ready Capital's investment strategy.
How much funding did Ready Capital raise from the public offering?
Ready Capital raised a total of $130 million from the public offering of the senior notes, including $15 million from the partial exercise of the over-allotment option.
When will the trading of the senior notes commence?
The trading of the senior notes on the New York Stock Exchange is expected to commence within approximately 30 days following the closing of the offering.
Who managed the public offering of the senior notes?
The public offering was managed by prominent financial institutions, including Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC.
How can investors obtain further information about Ready Capital?
Investors can obtain further information through Ready Capital's investor relations team, which can be reached via their corporate contact channels or by calling their office.
