Convertibles Calendar: Resource Capital to price $100 million

October 15

RESOURCE CAPITAL CORP. (NYSE: RSO): $100 million of five-year convertible senior notes; after the market close Tuesday; talked to yield 5.75%-6.25%, up 10%-15%; registered; $15 million greenshoe; joint bookrunning managers J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC; non-callable for life, no puts; takeover and dividend protection; proceeds for general corporate purposes, including acquisition of investments, loan originations and working capital; New York-based specialty finance company.

On The Horizon

AMERICAN HOMES 4 RENT (NYSE: AMH): $100 million of 5% perpetual convertible preferred shares; initial liquidation preference price of $25.00 per share; non-callable until Sept. 30, 2017; proceeds to repay debt, to acquire properties and for general corporate purposes; joint bookrunners Raymond James and Jefferies; NYSE listing expected; Malibu, Calif.-based real estate investment trust.

ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol ALLY; bank holding company focused on auto financing based in Detroit.

FIRST CITIZENS BANC CORP. (Nasdaq: FCZA): $25 million of perpetual convertible preferred shares; $25.00 per share; distribution to existing shareholders, customers and members of its communities served, and via syndication if shares remain available; placement agent Keefe, Bruyette & Woods; mandatorily convertible after six years at 120% price hurdle; proceeds to redeem series A perpetual preferred shares; to be listed on the Nasdaq; Sandusky, Ohio-based bank holding company.

SOLARCITY CORP. (Nasdaq: SCTY): $125 million of five-year convertible senior notes, upsized from $100 million; registered deal; concurrent borrowed share offering; no talk or timing; to select investors in exchange for non-disclosure agreement; via Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC; company is lending up to 2.8 million shares of common stock to Goldman Sachs Financial Markets LP; proceeds for general corporate purposes, including working capital, capital expenditures, potential acquisitions and strategic transactions; San Mateo, Calif., provider of clean distributed energy.

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