Ready Capital Corporation Announces Closing of $ 350.0 Million Senior Secured Notes


NEW YORK, 20 October 2021 / PRNewswire / – Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that ReadyCap Holdings, LLC (“ReadyCap”), an indirect subsidiary of the Company has completed an offering deprived of $ 350.0 million of the aggregate principal amount of its 4.50% Senior Secured Notes due 2026 (the “Notes”). The Notes are senior secured obligations of ReadyCap. Payments of amounts due on the Notes are fully and unconditionally guaranteed (the “Guarantees”), upon issuance, by the Company, Sutherland Partners, LP, Sutherland Asset I, LLC, Ready Capital TRS I, LLC, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT I, LLC and Sutherland Asset III, LLC (“SAIII” and collectively, the “Guarantors”). The respective obligations of ReadyCap and the Guarantors under the Bonds and Guarantees are secured by a first priority lien on the assets of SAIII and the share capital of ReadyCap, SAIII and certain other subsidiaries of the Company.

The Company intends to use the net proceeds of the private placement to repay all of the outstanding 7.50% Senior Secured Notes of ReadyCap due 2022 and for general corporate purposes.

Piper sandler & Co. and Keefe, Bruyette & Woods, A Stifel company, acted as placement agents for the offer. Clifford Chance US LLP acted as legal counsel to the Company and ReadyCap, and Alston & Bird LLP acted as legal counsel to the placement agents on the Offer.

The Securities and Collateral will not be registered under the Securities Act or any state securities law and may not be offered or sold in United States in the absence of an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, or any state securities law.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, and there will be no sale of any securities of the Company in a State in which such an offer, solicitation or sale would be illegal 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 creates, acquires, finances and manages small and medium-sized commercial loans. Ready Capital specializes in loans secured by commercial real estate, including multi-family agency loans, investor and bridging loans, as well as loans from the US Small Business Administration under its Section 7 program (a ). Based at New York, New York, Ready Capital employs more than 400 credit professionals nationwide. The company is managed and advised externally 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”, “could”, “Could”, “possible” or the negative of these or other comparable terms are intended to identify forward-looking statements. These forward-looking statements include statements relating, among other things, to the intended use of the net proceeds of the private placement. These forward-looking statements are subject to the uncertainties inherent 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 report. annual of the Company on form 10 -K for the year ended December 31, 2020 filed with the SEC and in its other documents filed with the SEC. The Company assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations
Capital Corporation loan
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