Ready Capital gives final results of convertible preferred tender

By Wendy Van Sickle

Columbus, Ohio, May 5 – Ready Capital Corp. announced the final results of its tender offer for all outstanding shares of its 6.25% series C cumulative convertible preferred stock, which expired at 5 p.m. ET on April 30, according to a press release.

Based on final results, the company expects to acquire 445,065 shares at a price of $25.14323 per share. The purchase price represents par of $25.00 plus accrued dividends to the purchase date.

The company is paying a total of $11.2 million to repurchase the shares.

These shares representing approximately 57% of the shares of the series C preferred stock outstanding.

American Stock Transfer & Trust Co., LLC is the paying agent and D.F. King & Co. Inc. is the information agent for the tender offer.

Ready Capital is a New York-based real estate finance company.

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