News Column

Resource Capital Corp. Prices Public Offering of 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock

June 21, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- Resource Capital Corp. (NYSE: RSO) (the "Company") announced that it priced an underwritten public offering of $110 million of a newly-designated series of preferred stock, 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock with a liquidation preference of $25 per share ("Series C Preferred Stock"). The Company has granted the underwriters a 30-day option to purchase up to an additional $16.5 million of its Series C Preferred Stock solely to cover over-allotments, if any. The offering is expected to close on June 10, 2014.

Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for the offering, Deutsche Bank Securities and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint-lead managers for the offering and MLV & Co. is acting as co-manager for the offering. The Company intends to use the net proceeds from the offering to make investments relating to its business and for general corporate purposes.

The offering will be made pursuant to the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission. The offering of these securities will be made only by means of a prospectus and related prospectus supplement. Copies of the prospectus and prospectus supplement relating to these securities, when available, may be obtained by contacting: Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by calling (866) 718-1649 or by emailing prospectus@morganstanley.com; or by contacting UBS Securities LLC, Attention: Prospectus Specialist, 299 Park Avenue, New York, New York 10171, or by calling (877) 827-6444, extension 561 2884.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Keywords for this news article include: Banking and Finance, Investment and Finance.

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Source: Investment Weekly News


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