Ready Capital Corporation Announces Intent to Redeem 8.625% Series B Cumulative Preferred Stock and 7.625% Series D Cumulative Redeemable Preferred Stock
NEW YORK, June 15, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced its intention to redeem all of its 8.625% Series B Cumulative Preferred Stock (CUSIP No. 75574U 507) (the "Series B Preferred Stock") and its 7.625% Series D Cumulative Redeemable Preferred Stock (CUSIP No. 75574U 804) (the "Series D Preferred Stock"), pursuant to its option under the respective Articles Supplementary, each dated as of March 17, 2021.
The redemption date for Series B Preferred Stock is July 15, 2021 (the "Redemption Date"). The redemption price for the Series B Preferred Stock is $25.00 per share, plus accrued and unpaid dividends up to the Redemption Date (the "Series B Preferred Stock Redemption Price"). From and after the Redemption Date, dividends on the Series B Preferred Stock will cease to accrue and the only remaining right of the holders of the Series B Preferred Stock will be to receive payment of the Series B Preferred Stock Redemption Price.
The redemption date for Series D Preferred Stock is July 15, 2021 (the "Redemption Date"). The redemption price for the Series D Preferred Stock is $25.00 per share, plus accrued and unpaid dividends up to, but excluding, the Redemption Date (the "Series D Preferred Stock Redemption Price"). From and after the Redemption Date, dividends on the Series D Preferred Stock will cease to accrue and the only remaining right of the holders of the Series D Preferred Stock will be to receive payment of the Series D Preferred Stock Redemption Price.
The shares of Series D Preferred Stock are held through The Depository Trust Company ("DTC"), and the shares of both Series B Preferred Stock and Series D Preferred Stock that are held through DTC will be redeemed in accordance with DTC's procedures for redemption and should be surrendered for redemption in accordance with DTC's procedures.
The shares of Series B Preferred Stock that are held directly by a record holder will be redeemed at the offices of American Stock Transfer & Trust Company, the redemption agent, located 6201 15th Avenue, Brooklyn, New York 11219, Attn: Corporate Actions, Tel: (718) 921-8200. Such shares of Series B Preferred Stock are held in book-entry only. In that regard, such redeemed shares will be automatically debited by the redemption agent and payment will be made directly to the holder, without need of any action on the holder.
The Company expects that the Series B Preferred Stock (NYSE: RC PRB) and the Series D Preferred Stock (NYSE: RC PRD) will be delisted from the New York Stock Exchange ("NYSE") in connection with the redemption and trading in the Series B Preferred Stock and the Series D Preferred Stock on the NYSE is expected to be suspended pre-market open on the Redemption Date.
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 400 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 Company's Annual Report on Form 10–K for the year ended December 31, 2020 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
[email protected]
SOURCE Ready Capital Corporation
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