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Ready Capital Corporation Announces Redemption of Its Outstanding 6.50% Senior Notes Due 2021

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NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) ("Ready Capital" or the "Company") today announced its intention to redeem all of its outstanding 6.50% Senior Notes due 2021 (CUSIP No. 75574U 309) (the "Notes"), pursuant to its option under the Indenture, dated as of August 9, 2017 (as amended from time to time, the "Base Indenture"), by and between the Company and U.S. Bank National Association, as trustee (the "Trustee"), as amended and supplemented by Supplemental Indenture No. 2, dated as of April 27, 2018, by and between the Company and the Trustee. As of the date hereof, there was $50,000,000 aggregate principal amount of the Notes outstanding.

The redemption date is March 26, 2021 (the "Redemption Date"), and the redemption price is equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, to, but excluding, the Redemption Date, in accordance with the terms of the Notes. The payment of the redemption price will be made upon presentation and surrender of the Notes to the Trustee, as the paying agent. The address of the Trustee is as follows:

U.S. Bank National Association
Global Corporate Trust
111 Filmore Avenue E
St. Paul, MN 55107

The Company expects that the Notes (NYSE:RCP) will be delisted from the New York Stock Exchange ("NYSE") in connection with the redemption and trading in the Notes on the NYSE is expected to be suspended pre-market open on the Redemption Date.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any sale of the Company'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.

About Ready Capital Corporation
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 New York, New York, Ready Capital employs over 400 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

Forward-Looking Statements
This press release contains certain forward-looking statements.  Words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "could," "would," "may," "potential"" or the negative of those terms or other comparable terminology are intended to identify forward-looking statements.  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 Company's Annual Report on Form 10–K for the year ended December 31, 2019 filed with the SEC and in its other filings with the SEC.  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.

Contacts:
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

 

Cision View original content:http://www.prnewswire.com/news-releases/ready-capital-corporation-announces-redemption-of-its-outstanding-6-50-senior-notes-due-2021--301234919.html

SOURCE Ready Capital Corporation

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