Resource Capital Corp. Announces Offering of Convertible Notes Due 2022
10 Août 2017 - 1:24PM
Resource Capital Corp. (NYSE:RSO) (the “Company”) today announced
that it plans to offer $125.0 million aggregate principal amount of
convertible senior notes due 2022 in an underwritten public
offering (the “Notes”). The Company expects to grant the
underwriters a 30-day option to purchase up to an additional $18.75
million aggregate principal amount of the Notes in connection with
the offering solely to cover over-allotments. The Notes will be
senior unsecured obligations of the Company. The interest rate and
offering price are to be determined by negotiations between the
Company and the underwriters of the offering.
The Company intends to use the net proceeds from
the offering to repurchase a portion of its 6.00% convertible
senior notes due 2018 and its 8.00% convertible senior notes due
2020 through privately negotiated transactions, open market
purchases or otherwise. The amount, timing and price at which such
repurchase transactions may be effected will be in the sole
discretion of the Company. Although the Company intends to use the
net proceeds from this offering to repurchase a portion of the 2018
notes and 2020 notes, the Company does not have the right to call
any such notes prior to their maturity, and, therefore, the Company
may not be successful in repurchasing any such notes. Any remaining
net proceeds of the offering will be used for general corporate
purposes.
Credit Suisse Securities (USA) LLC is acting as
bookrunner for the offering. JMP Securities LLC is
acting as co-manager for the offering.
A registration statement relating to the Notes has
been declared effective by the Securities and Exchange Commission
(the “SEC”). The offering is being made only by means of a
prospectus supplement and accompanying base prospectus. Copies of
the prospectus supplement and the related prospectus for the
proposed offering, when available, may be obtained by contacting
Credit Suisse Prospectus Department at One Madison Avenue, New
York, New York 10010, by email at
newyork.prospectus@credit-suisse.com or by telephone at
1-800-221-1037.
This press release does not constitute an offer to
sell or a solicitation of an offer to buy the Notes, nor
does it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is
unlawful.
About Resource Capital Corp.
Resource Capital Corp. is a real estate investment trust that is
primarily focused on originating, holding and managing commercial
mortgage loans and other commercial real estate-related debt
investments. The Company is externally managed by Resource Capital
Manager, Inc., which is an indirect wholly-owned subsidiary of
C-III Capital Partners LLC, a leading commercial real estate
investment management and services company engaged in a broad range
of activities.
This press release includes statements that may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements made in this release include, but may
not be limited to, this offering and expectations regarding the use
of proceeds from this offering. Such forward-looking statements are
subject to a variety of known and unknown risks, uncertainties, and
other factors that are difficult to predict and many of which are
beyond management’s control. Investors are cautioned not to rely
unduly on any forward-looking statements and urged to carefully
consider the risks identified under the captions “Risk Factors,”
“Forward-Looking Statements” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s public filings with the SEC. Resource Capital Corp.
undertakes no obligation to update or revise any forward-looking
statement to reflect new or changing information or events.
Contact:
Resource Capital Corp.
pkamdar@resourcecapitalcorp.com
Resource Capital (NYSE:RSO)
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