Ready Capital Corp. Files 8-K for Material Agreement
Ticker: RC-PE · Form: 8-K · Filed: Dec 6, 2024 · CIK: 1527590
| Field | Detail |
|---|---|
| Company | Ready Capital Corp (RC-PE) |
| Form Type | 8-K |
| Filed Date | Dec 6, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $115 million, $25.00, $110.9 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, debt
TL;DR
Ready Capital Corp. signed a material definitive agreement on Dec 3rd, filed an 8-K on Dec 6th.
AI Summary
On December 3, 2024, Ready Capital Corp. entered into a Material Definitive Agreement related to its senior notes. The filing also includes financial statements and exhibits, with the report filed on December 6, 2024.
Why It Matters
This 8-K filing indicates a significant contractual development for Ready Capital Corp., potentially impacting its debt structure and financial obligations.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new financial obligations or alter existing ones, carrying inherent risks.
Key Players & Entities
- Ready Capital Corp. (company) — Filer of the 8-K
- December 3, 2024 (date) — Date of the Material Definitive Agreement
- December 6, 2024 (date) — Filing date of the 8-K
FAQ
What specific type of Material Definitive Agreement did Ready Capital Corp. enter into?
The filing indicates an 'Entry into a Material Definitive Agreement' as an item information, but the specific details of the agreement are not provided in this excerpt.
What are the previous names of Ready Capital Corp.?
Ready Capital Corp. was formerly known as Sutherland Asset Management Corp. and ZAIS Financial Corp.
When did the name change from Sutherland Asset Management Corp. occur?
The name change from Sutherland Asset Management Corp. occurred on November 10, 2016.
What is the Standard Industrial Classification for Ready Capital Corp.?
The Standard Industrial Classification for Ready Capital Corp. is REAL ESTATE INVESTMENT TRUSTS [6798].
What is the business address of Ready Capital Corp.?
The business address of Ready Capital Corp. is 1251 AVENUE OF THE AMERICAS, 50TH FLOOR, NEW YORK, NY 10020.
Filing Stats: 1,134 words · 5 min read · ~4 pages · Grade level 13.3 · Accepted 2024-12-06 16:15:13
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value RC New York Stock Exchange
- $115 million — ich the Underwriters agreed to purchase $115 million aggregate principal amount of the Compa
- $25.00 — t. The issue price to investors will be $25.00 per note, plus accrued interest, if any
- $110.9 m — e sale of the Notes to be approximately $110.9 million, after deducting underwriters' di
Filing Documents
- tm2430340d1_8k.htm (8-K) — 42KB
- tm2430340d1_ex1-1.htm (EX-1.1) — 300KB
- 0001104659-24-126306.txt ( ) — 634KB
- rc-20241203.xsd (EX-101.SCH) — 4KB
- rc-20241203_def.xml (EX-101.DEF) — 27KB
- rc-20241203_lab.xml (EX-101.LAB) — 38KB
- rc-20241203_pre.xml (EX-101.PRE) — 26KB
- tm2430340d1_8k_htm.xml (XML) — 9KB
01
Item 1.01. Entry into a Material Definitive Agreement. On December 3, 2024, Ready Capital Corporation (the "Company") entered into an underwriting agreement (the "Underwriting Agreement"), by and among the Company, Sutherland Partners, L.P. (the "Operating Partnership"), the Company's operating partnership subsidiary, Waterfall Asset Management, LLC and Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC, as representatives of the several underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters agreed to purchase $115 million aggregate principal amount of the Company's 9.00% senior unsecured notes due 2029 (the "Notes"). The issuance and sale of the Notes is expected to occur on December 10, 2024, subject to customary closing conditions. The Company will contribute the net proceeds from the sale of the Notes to the Operating Partnership in exchange for the issuance by the Operating Partnership to the Company of a senior unsecured note with terms that are substantially equivalent to the terms of the Notes. The Operating Partnership intends to use the net proceeds to originate or acquire target assets consistent with the Company's investment strategy and for general corporate purposes. Pending such anticipated uses, the Operating Partnership may use a portion of the net proceeds from this offering to temporarily reduce borrowings outstanding under our loan repurchase agreements or credit facilities and may invest the net proceeds in interest-bearing, short-term investments, including money market accounts, in each case that are consistent with the Company's intention to continue to qualify as a real estate investment trust. The issue price to investors will be $25.00 per note, plus accrued interest, if any, from December 10, 2024, if settlement occurs after that date, and the notes will be issued in minimum denominations of $25.00 and integral multiples of $25.00. T
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit Description 1.1 Underwriting Agreement, dated December 3, 2024, by and among Ready Capital Corporation, Sutherland Partners, L.P., Waterfall Asset Management LLC and Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC, as representatives of the Underwriters 104.1 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized. READY CAPITAL CORPORATION Date: December 6, 2024 By: /s/ Andrew Ahlborn Name: Andrew Ahlborn Title: Chief Financial Officer