Ready Capital Corporation announces $115 million offering of senior notes

On December 3, 2024, in New York, Ready Capital Corporation announced its pricing for an underwritten public offering of $115.0 million aggregate principal amount of 9.00% Senior Notes due in 2029. This offering is structured in minimum denominations and integral multiples of $25.00. The company has also provided a 30-day over-allotment option for underwriters to purchase up to an additional $17.25 million in aggregate of these notes at the public offering price, minus underwriting fees. The intended use for the proceeds consists of acquiring and originating target assets in alignment with Ready Capital's investment strategy, alongside general corporate purposes. The offering is anticipated to close on December 10, 2024, although it remains contingent on customary closing conditions. As is customary, the company has filed a registration statement with the SEC, which became effective on March 22, 2022, to facilitate this offering. Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC served as the book-running managers for this offering. Ready Capital plans to apply for a listing of the Senior Notes on the New York Stock Exchange under the symbol "RCD." If the application is approved, trading could begin within 30 days of the offering's closing date. Despite the positive momentum surrounding the offering, the press release highlights that it is not an offer to sell or a solicitation for buying the securities in jurisdictions where such transactions would be unlawful without prior registration or qualification. Headquartered in New York, Ready Capital is managed by Waterfall Asset Management, LLC, and employs around 350 professionals across the United States. The press release further includes forward-looking statements which discuss potential future risks and uncertainties inherent in financial predictions, specifically encouraging stakeholders to refer to the SEC filings for more comprehensive information regarding the company's situation and market conditions. Investor relations can be contacted via the provided phone numbers and email addresses, reflecting the company's commitment to maintaining transparency and engaging with potential investors, in line with standard corporate governance practices.