Resource Capital Corp. Announces Full Redemption of its 8.50% Series A Cumulative Redeemable Preferred Stock, Partial Redempt...
18 Décembre 2017 - 10:28PM
Resource Capital Corp. (NYSE:RSO) (the “Company”) today announced
that it will redeem on January 31, 2018 (the “Redemption Date”) all
shares of its 8.50% Series A Cumulative Redeemable Preferred Stock
(the “Series A Preferred Stock”) outstanding on the Redemption Date
and 930,983 shares of its 8.25% Series B Cumulative Redeemable
Preferred Stock (the “Series B Preferred Stock”) outstanding on the
Redemption Date. The shares of Series A Preferred Stock and
Series B Preferred Stock will be redeemed at a redemption price of
$25.00 per share.
After the Redemption Date, dividends on all
shares of Series A Preferred Stock will cease to accrue, the Series
A Preferred Stock will no longer be outstanding and,
therefore, all rights of the holders of such shares will terminate,
except for the right of the holders to receive the cash payable
upon such redemption without interest. Upon redemption, the
Series A Preferred Stock will be delisted from trading on
the New York Stock Exchange. Annual preferred stock dividend
savings will be approximately $2.27 million as a result
of the redemption of the Series A Preferred Stock.
After the Redemption Date, dividends on the
shares of Series B Preferred Stock being redeemed will cease to
accrue, the redeemed shares will no longer be outstanding and,
therefore, all rights of the holders of such shares will terminate,
except for the right of the holders to receive the cash payable
upon such redemption without interest. Annual preferred stock
dividend savings will be approximately $1.92 million as a
result of the redemption of a portion of the Series B Preferred
Stock.
All shares of Series A Preferred Stock and
Series B Preferred Stock are held in book-entry form through the
Depository Trust Company (“DTC”), and the shares of Series B
Preferred Stock to be redeemed will be selected in accordance with
the procedures of DTC. Payment to DTC for the redeemed shares
of Series A Preferred Stock and Series B Preferred Stock will be
made by American Stock Transfer & Trust Company, LLC, as
redemption agent.
The notices of redemption and related materials
will be mailed to the registered holders of Series A Preferred
Stock and Series B Preferred Stock on or about December 20,
2017. Questions relating to, and requests for additional copies of,
the notices of redemption and the related materials should be
directed to the redemption agent, American Stock Transfer &
Trust Company, LLC, at 6201 15th Avenue, Brooklyn, New
York 11219, Attention: Reorganization Department, telephone
877-248-6417.
The Company also announced today that it will
pay a cash dividend on its Series A Preferred Stock for the period
from October 31, 2017 through and including January 30, 2018 in the
amount of $0.531250 per share. The dividend will be payable
on January 30, 2018 to holders of record on January
2, 2018.
The Company will also pay a cash dividend on its
Series B Preferred Stock for the period from October 31, 2017
through and including January 30, 2018 in the amount of $0.515625
per share. The dividend will be payable on January 30,
2018 to holders of record on January 2, 2018.
The Company will also pay a cash dividend on its
8.625% Series C Cumulative Redeemable Preferred Stock for the
period from October 31, 2017 through and including January 30, 2018
in the amount of $0.539063 per share. The dividend will be
payable on January 30, 2018 to holders of record
on January 2, 2018.
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., 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.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements can generally be identified by our use of
forward-looking terminology such as “may,” “trend,” “will,”
“continue,” “expect,” “intend,” “anticipate,” “estimate,”
“believe,” “look forward” or other similar words or terms. Because
such statements include risks, uncertainties and contingencies,
actual results may differ materially from the expectations,
intentions, beliefs, plans or predictions of the future expressed
or implied by such forward-looking statements. Factors that can
affect future results are discussed in the documents filed
by the Company from time to time with the Securities
and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statement to
reflect new or changing information or events after the date hereof
or to reflect the occurrence of unanticipated events, except as may
be required by law.
For more information, please visit the Company's
website
at www.resourcecapitalcorp.com or
contact Investor Relations
at IR@resourcecapitalcorp.com.
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