{"id":502877,"date":"2021-06-10T16:20:41","date_gmt":"2021-06-10T20:20:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/"},"modified":"2021-06-10T16:20:41","modified_gmt":"2021-06-10T20:20:41","slug":"ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/","title":{"rendered":"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">June 10, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Ready Capital Corporation (NYSE: RC) (&#8220;Ready Capital&#8221; or the &#8220;Company&#8221;) today announced that it closed an underwritten public offering of 4,600,000 shares of its 6.50% Series E Cumulative Redeemable Preferred Stock, par value <span class=\"xn-money\">$0.0001<\/span> per share (the &#8220;Preferred Stock&#8221;), including 600,000 shares relating to the full exercise of the underwriters&#8217; over-allotment option, with a liquidation preference of <span class=\"xn-money\">$25.00<\/span> per share. <\/p>\n<p>The Company received net proceeds of approximately <span class=\"xn-money\">$111.4 million<\/span> from the sale of the Preferred Stock after deducting the underwriting discounts but before estimated offering expenses payable by the Company. The Company intends to contribute the net proceeds from this offering to its operating partnership, Sutherland Partners, L.P., which in turn will use the net proceeds to redeem, in whole or in part, its 8.625% Series B Cumulative Preferred Stock and its 7.625% Series D Cumulative Redeemable Preferred Stock,\u00a0and may use the remainder of the net proceeds, if any, for general business purposes, which may include the repayment of borrowings outstanding under our loan repurchase agreements or credit facilities. <\/p>\n<p>Keefe, Bruyette &amp; Woods, Inc., Morgan Stanley &amp; Co. LLC and <span class=\"xn-person\">Piper Sandler<\/span> &amp; Co. acted as book-running managers for the offering. B. Riley Securities, Inc., BTIG LLC, Ladenburg Thalmann &amp; Co. Inc. and Wedbush Securities Inc. acted as co-managers for the offering. <\/p>\n<p>The Preferred Stock has been authorized for listing on the New York Stock Exchange under the symbol &#8220;RC PRE&#8221; and trading is expected to commence within 30 days of the closing of the offering.<\/p>\n<p>A registration statement relating to the Preferred Stock was declared effective by the Securities and Exchange Commission (the &#8220;SEC&#8221;) on <span class=\"xn-chron\">August 4<\/span>, 2020.\u00a0 The offering was made only by means of a preliminary prospectus supplement and accompanying prospectus, which have been filed with the SEC.\u00a0 A copy of the prospectus supplement and accompanying prospectus may be obtained free of charge at the SEC&#8217;s website at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">www.sec.gov<\/a> or from the underwriters by contacting: Keefe, Bruyette &amp; Woods, Inc., A Stifel Company at 787 Seventh Avenue, Fourth Floor, <span class=\"xn-location\">New York, NY<\/span> 10019, or by calling toll-free 1-800-966-1559, or by email at <a href=\"mailto:USCapitalMarkets@kbw.com\" rel=\"nofollow\">USCapitalMarkets@kbw.com<\/a>, or Morgan Stanley &amp; Co. LLC at 1585 Broadway, 4th Floor, <span class=\"xn-location\">New York, NY<\/span> 10036, or by calling toll-free 1-800-584-6837, or by email at <a href=\"mailto:prospectus@morganstanley.com\" rel=\"nofollow\">prospectus@morganstanley.com<\/a>, or <span class=\"xn-person\">Piper Sandler<\/span> &amp; Co. at 1251 Avenue of the Americas, 6th Floor, <span class=\"xn-location\">New York, NY<\/span> 10020, or by calling toll-free 866-805-4128, or by email at <a target=\"_blank\" href=\"mailto:fsg-dcm@psc.com\" rel=\"nofollow noopener\">fsg-dcm@psc.com<\/a>. <\/p>\n<p>This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company&#8217;s securities, nor shall there be any sale of the Company&#8217;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.<\/p>\n<p>\n        <b>About <\/b><br \/>\n        <b>Ready Capital Corporation<br \/><\/b>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 <span class=\"xn-location\">New York, New York<\/span>, Ready Capital employs over 400 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.<\/p>\n<p>\n        <b>Forward-Looking Statements <br \/><\/b><br \/>\n        <i>This press release contains certain forward-looking statements.\u00a0 Words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221; &#8220;continue,&#8221; &#8220;intend,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;may,&#8221; &#8220;potential&#8221; or the negative of those terms or other comparable terminology are intended to identify forward-looking statements.\u00a0 These forward-looking statements include statements relating to, among other things, the expected use of the net proceeds from the offering and the Company&#8217;s expectations concerning market conditions for an offering of the Preferred Stock.\u00a0 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&#8217;s Annual Report on Form 10\u2013K for the year ended <span class=\"xn-chron\">December 31, 2020<\/span> filed with the SEC and in its other filings with the SEC.\u00a0 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.<\/i>\n      <\/p>\n<p>\n        <b>Contacts: <br \/><\/b>Investor Relations<br \/>Ready Capital Corporation<br \/>212-257-4666<br \/><a target=\"_blank\" href=\"mailto:InvestorRelations@readycapital.com\" rel=\"nofollow noopener\">InvestorRelations@readycapital.com<\/a><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY07916&amp;sd=2021-06-10\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option-301310455.html\">http:\/\/www.prnewswire.com\/news-releases\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option-301310455.html<\/a><\/p>\n<p>SOURCE  Ready Capital Corporation<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY07916&amp;Transmission_Id=202106101615PR_NEWS_USPR_____NY07916&amp;DateId=20210610\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, June 10, 2021 \/PRNewswire\/ &#8212;\u00a0Ready Capital Corporation (NYSE: RC) (&#8220;Ready Capital&#8221; or the &#8220;Company&#8221;) today announced that it closed an underwritten public offering of 4,600,000 shares of its 6.50% Series E Cumulative Redeemable Preferred Stock, par value $0.0001 per share (the &#8220;Preferred Stock&#8221;), including 600,000 shares relating to the full exercise of the underwriters&#8217; over-allotment option, with a liquidation preference of $25.00 per share. The Company received net proceeds of approximately $111.4 million from the sale of the Preferred Stock after deducting the underwriting discounts but before estimated offering expenses payable by the Company. The Company intends to contribute the net proceeds from this offering to its operating partnership, Sutherland Partners, L.P., which in turn will &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-502877","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, June 10, 2021 \/PRNewswire\/ &#8212;\u00a0Ready Capital Corporation (NYSE: RC) (&#8220;Ready Capital&#8221; or the &#8220;Company&#8221;) today announced that it closed an underwritten public offering of 4,600,000 shares of its 6.50% Series E Cumulative Redeemable Preferred Stock, par value $0.0001 per share (the &#8220;Preferred Stock&#8221;), including 600,000 shares relating to the full exercise of the underwriters&#8217; over-allotment option, with a liquidation preference of $25.00 per share. The Company received net proceeds of approximately $111.4 million from the sale of the Preferred Stock after deducting the underwriting discounts but before estimated offering expenses payable by the Company. The Company intends to contribute the net proceeds from this offering to its operating partnership, Sutherland Partners, L.P., which in turn will &hellip; Continue reading &quot;Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-10T20:20:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY07916&amp;sd=2021-06-10\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option\",\"datePublished\":\"2021-06-10T20:20:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\\\/\"},\"wordCount\":760,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=NY07916&amp;sd=2021-06-10\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\\\/\",\"name\":\"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option - 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The Company received net proceeds of approximately $111.4 million from the sale of the Preferred Stock after deducting the underwriting discounts but before estimated offering expenses payable by the Company. The Company intends to contribute the net proceeds from this offering to its operating partnership, Sutherland Partners, L.P., which in turn will &hellip; Continue reading \"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/","og_site_name":"Market Newsdesk","article_published_time":"2021-06-10T20:20:41+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY07916&amp;sd=2021-06-10","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option","datePublished":"2021-06-10T20:20:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/"},"wordCount":760,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY07916&amp;sd=2021-06-10","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ready-capital-corporation-announces-closing-of-public-offering-of-preferred-stock-and-full-exercise-of-over-allotment-option\/","name":"Ready Capital Corporation Announces Closing of Public Offering of Preferred Stock and Full Exercise of Over-allotment Option - 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