NEW YORK, May 2, 2021 / PRNewswire / – Ready Capital Corporation (NYSE: RC) (“Capital loan“or the”Company“) today announced the preliminary results of its take-over bid for all of the outstanding shares of its 6.25% Cumulative Convertible Preferred Share Series C, 0.0001 USD par value per share (the “Preferred Shares Series C“), which expired at 5:00 p.m. New York City It’s time April 30, 2021. Based on the preliminary count made by the paying agent for the takeover bid, the company expects to acquire approximately 445,320 Series C preferred shares at a price of $ 25.14323 per share (which represents 100% of the $ 25.00 liquidation preference, plus accrued and unpaid dividends up to the date of purchase, but not included) for a total cost of approximately $ 11.2 million. These shares represent approximately fifty-seven percent of the outstanding Series C preferred shares.
The number of Series C preferred shares to be purchased is provisional. The final results of the public tender offer will be determined subject to confirmation by the paying agent of the proper delivery of the shares validly tendered and not withdrawn by May 3, 2021 and all shares deposited by way of a Notice of Guaranteed Delivery Delivered on Time. The final number of shares to be purchased will be announced after the expiration of the guaranteed delivery time and the completion by the paying agent of the confirmation process. Payment for the Series C preferred shares accepted for purchase will be made promptly thereafter.
American Stock Transfer & Trust Company, LLC is the paying agent and DF King & Co. Inc. is the information agent for the tender offer.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that creates, acquires, finances and provides small to mid-scale commercial loans. Ready Capital specializes in back-to-back commercial real estate loans, including multi-family business, investor and SBA 7 (a) bridging loans. Based at New York, New York, Ready Capital employs more than 500 credit professionals nationwide. The company is managed and externally advised by Waterfall Asset Management, LLC.
Contact
Investor Relations
Ready Capital Corporation
(212) 257-4666
[email protected]
SOURCE Ready Capital Corporation
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